NEW YORK: US oil nosedived below US$11 a barrel on 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.
Last week, US oil fell below zero for the first time as investors scrambled to offload it before the expiry of the May trading contract, but could not readily find buyers. "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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