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LAST UPDATE: 14.29
Oil prices fell more than 12% on Tuesday, the second-lowest close in history, with a 25% drop on Monday, amid worries worldwide that storage space is running out. Earlier today, US crude lost up to 20%.
In this context, your contract US crude WTI delivers June The barrel on the New York Mercantile Exchange fell 1.66 dollars or 12.83% to 11.13 dollars. It is recalled that on Monday it fell $ 4.16 or 24.6% and closed at $ 12.78 per barrel. This was the second lowest contract closure last Monday in an unprecedented meeting, the May contract, which ended in the meantime, closed at -37.63 against the barrel.
At the same time, the global benchmark, Brent delivers July oil it loses $ 0.18 per barrel or 0.78% at $ 22.89 per barrel. Previously it was noted that Brent was found to be making $ 0.23 or 1% at $ 23.30 a barrel. It was recalled yesterday that the barrel lost $ 1.45 or 6.8% to $ 19.99.
The coronation pandemic has eliminated up to a third of global oil demand, according to some estimates, causing prices to fall to record lows.
“The June contract is being reversed because demand levels are below production levels and due to limited storage space,” Reid Morrison, a senior executive at PwC, told CNBC.
Oil prices were also under pressure on Monday as the USO fund announced that it would sell all delivery contracts starting Monday in favor of longer-term contracts.
In early April, OPEC and its allies agreed to cut production records to 9.7 million barrels per day starting Friday, while Exxon and Chevron are among the United States-based companies that have reduced their operations. .
WTI and Brent are seen heading for the fourth consecutive month of losses for the first time since 2017.
