Oil prices skid on oversupply, storage concerns - Reuters

Oil prices skid on oversupply, storage concerns - Reuters:

Oil prices fell on Monday on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic.

U.S. oil futures led losses, falling by more than $2 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.

U.S. West Texas Intermediate CLc1 June futures fell $2.42, or 14.3%, to $14.52 a barrel by 0830 GMT.

Brent crude LCOc1 was down 90 cents, or 4.2%, at $20.54 a barrel. The June Brent contract expires on Thursday.