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MELBOURNE/SINGAPORE: Oil prices slumped again on Tuesday amid concern about dwindling capacity to store crude worldwide, heightened by fears that fuel demand may be slow to pick up once countries ease curbs imposed on business and social life to combat the coronavirus pandemic.
NEW YORK: Brent crude fell below US$20 a barrel and U.S. crude plunged 25% on Monday, driven lower by skittish investors fleeing the U.S. benchmark due to lack of available storage to deal with a coronavirus-induced collapse in demand.
NEW YORK: Stocks rose across the globe on Monday as investors cheered news that more countries and U.S. states were looking to ease lockdowns and the Bank of Japan expanded its stimulus program, while the price of oil continued to crumble as storage runs out
NEW YORK (Reuters) - Brent crude fell below US$20 a barrel and US crude plunged 25% on Monday, driven lower by skittish investors fleeing the US benchmark due to lack of available storage to deal with a coronavirus-induced collapse in demand.
SINGAPORE: Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to fully offset the collapse in demand from the coronavirus pandemic.
Crude oil’s collapse into negative prices last Monday was a clear warning of just how scarce storage space for oil is getting. Prices below zero are the market’s way of telling producers to stop pumping, now.
WE never thought we would witness the day when a seller pays a buyer to purchase oil or that one day where even a glass of water is perhaps more expensive than a barrel of oil.
THE best argument for taking a sanguine approach to oil prices collapsing into negative territory this week is that it’s strictly a local problem.
NEW YORK: Brent crude oil rebounded from two days of losses and U.S. futures surged on Wednesday, bolstered by tentative talk of additional supply cuts from OPEC producers and U.S. inventory builds that were less dire than some expected.
HONG KONG: The unprecedented drop in the United States oil futures is rippling through the world’s exchange-traded fund (ETF) market, with the latest example in Hong Kong.