U.S. oil’s May contract skids as much as 20% as crude woes continue
The May futures contract for U.S. crude oil extended losses Sunday evening in electronic trade, touching the lowest level since 2001, as fears about a shock to demand due to the coronavirus pandemic and worries about a lack of storage looked set to hammer the commodity to start the week.
Meanwhile, the most-active June contract for WTI CLM20, -5.47% was down $1.18, or 4.6%, at $23.85 a barrel. “Price discovery is complicated, more so than usual, by the soon-to-expire WTI NYMEX front-month contract for May 2020,” wrote Stephen Innes, global chief market strategist at AxiCorp, in a Sunday research note.
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