WTI crude oil contracts for May delivery slid into negative prices on Monday amid an unprecedented supply glut. By the time most Indians woke up on Tuesday morning, crude oil prices had fallen below zero for the first time in history. A negative price suggests sellers were paying buyers to take deliveries in a bid to avoid incurring of storage cost, as oilNSE -5.30 % demand crashed globally.

Monday's panic in the oil market was exacerbated by May futures, which were going to expire later on Tuesday.

It's a grim situation playing out in the oil market, grabbing the eyeballs of the entire industry. More to follow, this is a breaking story..