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US oil sinks towards US$10 as fund sells off holdings, Crude oil stands at US$19

SINGAPORE: US oil nosedived towards US$10 a barrel on Tuesday (Apr 28) after a major exchange-traded fund started selling its short-term contracts of the commodity, and storage concerns mounted as the coronavirus strangled demand. In morning London deals, West Texas Intermediate crude for June delivery tumbled more than 21% to $10.07 -- having plunged 25% a day earlier. International benchmark Brent crude slid 4.9% to trade at US$19.01 a barrel.