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Oil Down as Oversupply Fears Continue to Loom

Monday, 11 May 2020 09:11 WIB Minyak WTI Minyak Mentah Minyak Brent

Oil was down on Monday morning in Asia, giving up some of its gains from the last session. Brent Oil futures were down 1.36% to $30.48 by 9:52 PM ET (2:52 AM GMT) and WTI futures slid 2.02% to $24.24. WTI futures had gained almost 5 % during the last session. Although some U.S. states loosened their lockdown measures and the demand shrunk by the COVID-19 virus is slowly increasing, reports of new outbreaks in South Korea and Wuhan soured investor sentiment. Data from Johns Hopkins University said that there were over 4 million COVID-19 cases as of May 11. Fears of a supply glut continue to persist despite producers cutting supply as supply tanks rapidly fill up towards...

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