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.
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol
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. The United States Oil Fund LP , the largest oil exchange product, said it would further shift its holdings into later-dated contracts.
“If we see similar builds to the last few weeks, we will likely reach full capacity at Cushing over the first half of May, which should maintain bearish pressure on the market.”
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