Oil prices slumped on Tuesday, extending the previous session’s slide, on worries about limited capacity to store crude worldwide and expectations that fuel demand may only recover slowly as coronavirus pandemic restrictions are gradually eased.
US West Texas Intermediate (WTI) crude futures skidded by as much as 16 per cent and were off 14.7 per cent, or $1.88 cents, at $10.90 a barrel as of 7:28 am IST. WTI plunged 25 per cent on Monday.
Brent crude futures fell to a low of $18.97 and were last down 4.1 per cent, or 82 cents, at $19.17 a barrel. The benchmark slid 6.8 per cent on Monday, and the contract for June delivery expires on April 30.
