SINGAPORE, April 27 — Oil prices fell today on renewed concerns over storage capacity, as the coronavirus throttles demand, even as producers start slashing output to boost markets. US benchmark West Texas Intermediate fell 5.5 per cent to US$16.00 (RM69.74) a barrel while Brent crude, the...
Prices have collapsed in recent weeks as demand for the commodity evaporated owing to lockdowns and travel restrictions imposed worldwide to fight the virus. — Reuters pic
US benchmark West Texas Intermediate fell 5.5 per cent to US$16.00 a barrel while Brent crude, the international benchmark, was off 1.4 per cent at US$21.14 a barrel. Last week, US oil fell below zero for the first time as investors scrambled to offload it before the expiry of a trading contract, but could not readily find buyers.A key worry for traders is that storage facilities — particularly in the United States — cannot cope with the oversupply.
The continued concerns about storage overshadowed signs that some countries — including Kuwait and Algeria—are starting to slash production in line with a major agreement hammered out this month.
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