US oil falls below $11 a barrel as supply concerns keep roiling markets

US oil prices are still plunging as investors continue to fret about an excess supply of crude at a time when no one wants any.

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West Texas Intermediate plummeted more than 14% to $10.95 during Asian trading hours Tuesday, accelerating earlier, dramatic declines. The US benchmark, of oil to be delivered in June, settled at $12.78 a barrel on Monday — a drop of more than 20%. The latest crash came as the United States Oil Fund — a popular fund geared to track the price of oil — said in a regulatory filing that it would dump its June oil contracts this week and reduce contracts for other upcoming months.

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