Traders Scramble To Be First In Line To Ditch Crude Oil

While oil futures hit an 18-year-low on Monday, the prices of physical barrels from Europe to North America slumped to record discounts to benchmarks and trade in the teens and single digits, with traders scrambling to place physical crude barrels amid an unprecedented demand loss and growing global glut.   “Get it off before there aren’t any more bids! Get to the front of the queue!” a European trader told Reuters as regional grades in Europe, the United States, and Canada hit their lowest levels in decades as demand continues…