Oil prices slumped on Tuesday, extending the previous session's slide, on worries about limited capacity to store crude worldwide and expectations that fuel demand may only recover slowly as coronavirus pandemic restrictions are gradually eased. U.S. West Texas Intermediate (WTI) crude futures skidded by as much as 16% and were off 14.7%, or $1.88 cents, at $10.90 a barrel as of 0158 GMT. Brent crude futures fell to a low of $18.97 and were last down 4.1%, or 82 cents, at $19.17 a barrel....
(Bloomberg) -- Crude extended its slide below $11 a barrel after the biggest oil exchange-traded fund unexpectedly began selling all its holdings of the most active contract amid rapidly dwindling storage capacity.Futures fell more than 15% in New York after losing a quarter of their value on Monday. The United States Oil Fund LP sold all of its West Texas Intermediate June contracts, significantly widening the spread between July WTI and raising concerns of a repeat of the collapse that sent oil below zero for the first time ever last week. U.S. producers have started making crude deliveries to the nation’s emergency stockpile as storage space runs out.Oil has lost almost 80% this year as the coronavirus outbreak vaporized demand for everything from gasoline to crude despite global efforts to stem the spread. The world’s biggest producers have pledged to slash daily output from the start of next month to try...
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Earnings season kicks into high gear Tuesday. A slew of big names will deliver quarterly results, but the spotlight will be on Alphabet, Starbucks and Advanced Micro Devices after the closing bell....
Oil prices slumped again on Tuesday amid concern about dwindling crude storage capacity worldwide and fears that fuel demand may only recover slowly once countries ease curbs imposed on economic and social activity to combat the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude futures fell to as low as $10.64 a barrel on Tuesday, and were off 13%, or $1.66, at $11.12 a barrel as of 0432 GMT. Brent crude futures fell to a low of $18.85 and were last down 4.5%, or 90 cents, at $19.09 a barrel....
(Bloomberg) -- Crude extended its slide to trade near $12 a barrel after the biggest oil exchange-traded fund unexpectedly began selling all its holdings of the most active contract amid rapidly dwindling storage capacity.Futures lost 5.9% in New York after losing a quarter of their value on Monday. The United States Oil Fund LP sold all of its West Texas Intermediate June contracts, significantly widening the spread between July WTI and raising concerns of a repeat of the collapse that sent oil below zero for the first time ever last week. U.S. producers have started making crude deliveries to the nation’s emergency stockpile as storage space runs out.Oil has lost almost 80% this year as global efforts to stem the spread of the coronavirus vaporized demand for everything from gasoline to crude. The world’s biggest producers have pledged to slash daily output from the start of next month to try and...
