KONTAN.CO.ID - MELBOURNE. Oil prices slumped again on Tuesday amid concern about dwindling crude storage capacity worldwide and fears that fuel demand may only recover slowly once countries ease curbs imposed on economic and social activity to combat the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell to as low as $10.64 a barrel on Tuesday, and were off 13%, or $1.66, at $11.12 a barrel as of 0432 GMT. WTI plunged 25% on Monday. Brent crude LCOc1 futures fell to a low of $18.85 and were last down 4.5%, or 90 cents, at $19.09 a barrel. The benchmark slid 6.8% on Monday, and the contract for June delivery expires on April 30.
Oil prices dive as world runs low on storage capacity while demand plunges
KONTAN.CO.ID - MELBOURNE. Oil prices slumped again on Tuesday amid concern about dwindling crude storage capacity worldwide and fears that fuel demand may only recover slowly once countries ease curbs imposed on economic and social activity to combat the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell to as low as $10.64 a barrel on Tuesday, and were off 13%, or $1.66, at $11.12 a barrel as of 0432 GMT. WTI plunged 25% on Monday. Brent crude LCOc1 futures fell to a low of $18.85 and were last down 4.5%, or 90 cents, at $19.09 a barrel. The benchmark slid 6.8% on Monday, and the contract for June delivery expires on April 30.