Oil skids on glut, storage concerns

Tribune Web Desk

Updated At : 12:43 PM Apr 28, 2020 IST

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London: Oil prices fell on Monday on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic. US oil futures led losses, falling by more than $2 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon. US West Texas Intermediate June futures fell $2.86, or 16.88%, to $14.08 a barrel by 1100 GMT. Brent crude was down 83 cents, or 3.9%, at $20.61 a barrel. The June Brent contract expires on Thursday. Reuters

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