The spectacular collapse in oil markets is showing no signs of easing, as the coronavirus crisis saps demand and producers run out of places to store all their excess barrels of crude.
, falling as low as $10.34 per barrel Monday. That's the lowest level since April 1, 1986.
The extreme pressure on the WTI contract for May highlights ongoing concerns about the supply and demand dynamics plaguing the oil market.Saudi Arabia, Russia and other producers with a deal last week to slash production by 9.7 million barrels per day in May and June, the deepest cut ever negotiated. But that isn't expected to soak up the supply glut caused by evaporating demand for energy.
Rystad Energy, a consultancy, forecasts that US commercial crude stocks will hit all-time highs by the end of April and will continue rising into May.Following the major American banks, Coca-Cola, Netflix, Delta, IBM and Intel are among the big US companies scheduled to report earnings this week.Fewer than 10% of S&P 500 companies have reported results for the January to March period to date.
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