Oil falls on concern over storage and earnings - Reuters

Oil falls on concern over storage and earnings - Reuters:

Oil prices fell on Monday, with a U.S. crude futures contract hitting its lowest level since 1999, depressed by concern that U.S. crude storage will soon be full while companies prepare to report the worst quarterly earnings since the financial crisis.

Brent LCOc1 was down $1.12, or 4%, at $26.96 a barrel by 1008 GMT.

The front-month May WTI contract CLc1 fell $4.79, or 26.2%, to its lowest since March 1999 at $13.48, though the sell-off was exaggerated by the contract’s imminent expiry.

“The May contract is set to expire tomorrow and the bulk of the open interest and volume is already in the June contract,” said ING’s head of commodities strategy, Warren Patterson.

The June contract CLc2, which is more actively traded, fell $2.18, or 8.7%, to $22.85 a barrel.