Oil prices resume slide on oversupply and storage concerns - Reuters

Oil prices resume slide on oversupply and storage concerns - Reuters:

Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic.

U.S. oil futures led losses, falling by more than $3 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.

U.S. West Texas Intermediate CLc1 June futures fell $3.61, or 21.3%, to $13.33 a barrel by 1215 GMT. 


Brent crude LCOc1 was down $1.17, or 5.5%, at $20.27 a barrel. The June Brent contract expires on Thursday.