Oil at two-decade lows, price of US crude for delivery below zero
Benchmark Brent and US oil futures for June delivery plunged to around two-decade lows on Tuesday, a day after US May futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis.
Brent for June delivery, known as the front-month contract after the May futures contract expired, fell as low as $18.10, its lowest since November 2001. At 1200 GMT, it was down 18 per cent at $20.98. The June contract for US West Texas Intermediate (WTI) crude dropped 21 per cent to $16.14, after hitting its lowest since 1999. WTI for May, in which trading turnover is much lower, hit a negative $3.99, after Monday’s dive below $0 for the first time, settling at negative $37.63 a barrel.
