Brent futures for June delivery settled down 24% to $19.33 a barrel, their lowest since February 2002. U.S. West Texas Intermediate (WTI) crude for June, the front-month contract as of Wednesday, fell $8.86, or 43%, to settle at $11.57.
NEW YORK: Brent oil futures prices plunged again on Tuesday, extending oil market panic into a second day with no end in sight to a swelling global crude glut as the coronavirus pandemic has obliterated demand for fuel.
Monday and Tuesday have been two of the most turbulent days in the history of oil trading, as investors confronted the reality that worldwide supply will overwhelm demand for months or years and current production cuts to offset that glut are nowhere near sufficient.
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