Last nights price action was an abberation due to the timing of Futures contract expiries. There are speculators and end users that buy futures contracts in oil. Some as a pure bet, others as a hedge against their future requirements. The "Front month" is the most liquid, and therefore the most traded. Last night all the long positions in the May Contract tried to sell, and buy the next month futures. Because the storage capacity for crude is nearing full, nobody wanted to buy the expiring front month contract because that would mean taking delivery and finding somewhere to store the oil.
Hope that helps
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