In April 2020 the US oil futures prices went negative for the contracts settling on 21st April. The reason for the negative futures prices is argued to be (choose the best answer).

Select one:

The demand for oil was low and the futures market for oil was in normal backwardation

Physical oil was in very high demand and the futures market was in contango

The storage costs for oil were very high and there was an over-supply of oil

The convenience yield on oil was very high