SINGAPORE: US oil nosedived towards US$10 a barrel on Tuesday (Apr 28) after a major exchange-traded fund started selling its short-term contracts of the commodity, and storage concerns mounted as the coronavirus strangled demand. In morning London deals, West Texas Intermediate crude for June delivery tumbled more than 21% to $10.07 -- having plunged 25% a day earlier. International benchmark Brent crude slid 4.9% to trade at US$19.01 a barrel.
SINGAPORE: US oil nosedived towards US$10 a barrel on Tuesday after a major exchange-traded fund started selling its short-term contracts of the commodity, and storage concerns mounted as the Covid-19 strangled demand.
The move highlighted continued concerns that storage is filling up and that when futures contracts do expire, buyers may find there is little space to put the oil they have purchased. "This certainly puts downside pressure on prices in the near-term though as traders look to get in ahead of the fund and avoid heavy losses of their own."
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