U.S. oil futures drop nearly 25% Monday
U.S. benchmark oil futures finished lower on Monday as concerns over the COVID-19 loss in crude demand, excess supply and a lack of global storage helped pull prices for the June contract to its second-lowest settlement on record. Liquidity in the nearby WTI futures market also remains a problem with the United States Oil Fund LP USO, -14.
39% "rolling into deferred contracts following the disaster" with the May WTI contract, which expired last week at a negative price, said Marshall Steeves, energy markets analyst at IHS Markit. The USO said Monday that it would reduce its holdings of oil futures contracts in specific months. June West Texas Intermediate oil CLM20, -23.73% fell $4.16, or 24.6%, to settle at $12.78 a barrel on the New York Mercantile Exchange.
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