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U.S. Oil's June Contract Tumbles 25% to Around 21-year Low as Expiring May Contract Hangs Below $0 a Barrel


Tuesday, 21 April 2020 18:39 WIB

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Oil futures saw further pain on Tuesday, with the most-active June contract for the U.S. benchmark falling to a roughly 21-year nadir a day, after the May contract made history by settling in negative territory for the first time ever, as a glut of oil and dwindling places to store the commodity combined to obliterate crude values.

Meanwhile, Brent tumbled into the teens for the first time in about 18 years as the international grade oil succumbed to heavy selling pressure.

West Texas Intermediate crude for June delivery was down $3.93, or more than 19%, at $16.50 a barrel, after tumbling 18.3% on Monday, putting prices around its lowest level since 1999, according to FactSet data.

Meanwhile, WTI crude for May delivery which expires at the end of trade at 2:30 p.m. Eastern Time Tuesday, pared its losses and was trading at negative $6.30 a barrel after picking up $31.33 in the session, following a stunning 306% decline that placed the front-month contract at negative $37.63 a barrel.

Source : Marketwatch


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