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Oil prices fell yesterday, depressed by concerns US storage facilities will soon be full as the novel coronavirus pandemic destroys demand and as companies prepare to report their worst quarterly earnings since the 2008 financial crisis.
Brent LCOc1 was down 73 cents, or 2,6 percent to $27,35 a barrel.
The front-month May WTI contract CLc1 fell $3,53, or 19,3 percent, to $14,74 a barrel.
At one point, it dropped by 21 percent to $14,47 a barrel, the lowest since March 1999, but the US sell-off was exaggerated by the imminent expiry of the front-month contract.
The June contract CLc2, which is more actively traded, fell $1,45, or 5,8 percent, to $23,58 a barrel.
The volume of oil held in US storage, especially at Cushing, Oklahoma, the delivery point for the US West Texas Intermediate (WTI) contract, is rising as refiners throttle back activity because of weak demand. —Reuters.
Online Reporter