Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic.
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol
The front-month May WTI contract CLc1 was down $2.62, or 14%, to $15.65 a barrel by 0142GMT. At one point, the contract had fallen as much as 21% to hit a low of $14.47 a barrel, the lowest since March 1999. “It hasn’t reach capacity but the fear is that it will,” he said, adding that once the maximum capacity is reached, producers will have to cut output.
Numerous majors have announced supply reductions, including Chevron Corp, BP plc and Total SA. But economic growth is sagging, and physical crude markets and an estimated record 160 million barrels of oil stored onboard ships suggest prices will keep falling.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
10 Dermatologist-Approved Eye Creams That Fight Dark Circles, Puffiness, and Fine LinesIn SkinCeuticals AOX+ Eye Gel, the antioxidants act as the main fighters. 'It interferes with the production of pigment which brightens dark circles, improves pigmentation, and also prevents free-radical damage from UV light exposure,' says Dr. King.
Read more »
10 coronavirus-unit nurses are suspended, potentially for weeks, for refusing to work without N95 masksNurses say they are still on administrative leave from Santa Monica, California's Providence Saint John's Health Center for demanding they be given N95 masks while treating Covid-19 patients.
Read more »
At least 10 killed in shooting rampage in Canada - policeThe suspect was killed following the shooting rampage at a gas station in the eastern province of Nova Scotia, police said.
Read more »
Canada Shooting Leaves 10 Dead, Including PolicewomanA 51-year-old man went on a shooting rampage across the northern part of the Canadian province of Nova Scotia Sunday: 'Countless families are in mourning today,' officials said
Read more »