Melbourne: Oil fell on Tuesday, adding to huge declines in the previous session, 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 dropped by as much as 7.1 percent and were off 6 percent, or 77 cents, at $12.01 a barrel as of 0110 GMT. WTI plunged 25 percent on Monday.
Brent crude futures fell as much as 3.5 percent in early trade and were last down 1.4 percent, or 27 cents, at $19.72 a barrel. The benchmark slid 6.8 percent on Monday, and the contract for June delivery expires on 30 April.
