Oil prices dropped more than 15% in overnight trading, after falling 25% on Monday due to ongoing fears that storage is reaching capacity.
"The move [by the USO] is a recognition of the bleak prospects for the US oil sector in May and June," said Cailin Birch, global economist at The Economist Intelligence Unit.won't be fast enough to combat the unprecedented fall-off in demand from the pandemicEarlier in April, OPEC and its oil-producing allies agreed to a record production cut that will take 9.7 million barrels per day off the market beginning Friday, while Exxon and Chevron are among the U.S.
But sill, Birch noted that even as crude prices have dropped U.S. oil production held at a record level in the first quarter of 2020, "filling up almost all available storage capacity." WTI and Brent are both on pace for their fourth straight month of losses for the first time since 2017.for exclusive insights and analysis, and live business day programming from around the world.
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