Prices have plunged in recent weeks as demand for the commodity collapses. FMTNews US
SINGAPORE: US oil nosedived below US$11 a barrel Tuesday after a major exchange-traded fund started selling its short-term contracts of the commodity, and storage concerns mounted as the coronavirus strangles demand.
The latest fall was driven by the United States Oil Fund – a massive, oil-backed exchange-traded vehicle – saying it would sell all its holdings in the WTI contract for June delivery. “The startling June sell-off is in part due to the reality of storage facilities filling up rapidly,” said Stephen Innes, global market strategist from AxiCorp.
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