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Money and business
Reuters
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Oil prices increased their losses on Monday as US crude oil futures fell by about 25% amid economic concerns due to declining demand and the rapid completion of global oil reserves.
At 4:49 PM Moscow time, US crude futures for June fell 24.03% to $ 12.87 per barrel.
While Brent crude oil futures for the same month fell 6.62% to $ 20.02 per barrel.
The drop in US crude oil came amid concerns that storage capacity in Cushing, Oklahoma, the largest oil storage point in the United States, is approaching its highest levels.
According to data from mid-April, 70% of the storage capacity at the Cushing Center has been depleted, and distributors say the available capacity is rented.
US crude oil inventories USA They increased to 518.6 million barrels as of April 17, approaching a record high level of 535 million barrels recorded in 2017.
Source: “Bloomberg” + “Reuters”
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