Oil fell on Tuesday, adding to huge declines in the previous session, on worries about limited capacity to store crude worldwide and expectations that fuel demand may only recover slowly as coronavirus pandemic restrictions are gradually eased.
U.S. West Texas Intermediate crude futures dropped by as much as 7.1per cent and were off 6per cent, or 77 cents, at US$12.01 a barrel as of 0110 GMT. WTI plunged 25per cent on Monday.Brent crude futures fell as much as 3.5per cent in early trade and were last down 1.4per cent, or 27 cents, at US$19.72 a barrel. The benchmark slid 6.8per cent on Monday, and the contract for June delivery expires on April 30.
"Clearly everything's getting dragged down by the machinations in the WTI futures market," said Daniel Hynes, senior commodity strategist at Australia and New Zealand Banking Group in Sydney. "While we're starting to see COVID-19 cases ease and some countries ease restrictions, those initial moves look fairly tentative. The market's coming round to the view there's going to be no quick recovery in demand," Hynes said.
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