India's leading commodity exchange MCX on Tuesday (21 April) fixed Rs (-) 2,884 a barrel as its final due date rate for the April month crude oil contract that expired on Monday (20 April).

MCX contract settlement price at expiry is derived from the nearest expiry contract at the US-based Nymex (New York Mercantile Exchange). On Monday, futures contract for US crude prices crashed and turned negative for the first time in history on Monday, amid a demand collapse due to the coronavirus pandemic. On 20 April, West Texas Intermediate (WTI) settled at -$37.63 a barrel, after going as low as -$40.32. This negative price has never happened before for an oil futures contract.

Brokers who were left holding the buy position for April month crude oil futures will have to bear the full loss. Meanwhile, the media reported that three brokerage firms -- Motilal Oswal Financial Services, Religare Securities and PCS Securities -- on Wednesday (22 April) moved Bombay High Court against MCX's decision to price the April contract negatively.

In the commodities market, Brent crude for June 2020 settlement was currently down $1.87 to $17.46 a barrel. The contract tanked 24.4% to settle at $19.33 a barrel during the previous trading session.

MCX is engaged in facilitating trading, and clearing and settlement of commodity derivatives. It operates as a commodity futures exchange.