Oil prices sink as world runs low on storage capacity amid frail demand
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.
US West Texas Intermediate (WTI) crude futures fell to as little as $10.64 a barrel on Tuesday, and were off 12.8 per cent, or $1.64, at $11.14 a barrel as of 0635 GMT. WTI plunged 25 per cent on Monday.
Brent crude futures fell to a low of $18.85 and were last down 4.3 per cent, or 85 cents, at $19.14 a barrel. The benchmark slid 6.8 per cent on Monday, and the contract for June delivery expires on April 30.
