Oil plunges again with supply cuts still not big enough
With onshore storage capacity at 85%, producers are using expensive ships to store and move petrol and fuel products
28 April 2020 - 12:22
London — Oil prices plunged for a second day in a row on Tuesday on concerns about dwindling global capacity to store more crude and fears that demand may be slow to recover even after countries ease restrictions to combat the coronavirus pandemic.
Brent crude fell 83c, or 4.1%, to $19.16 a barrel at 8.08am GMT, following a 6.8% slide on Monday. US West Texas Intermediate (WTI) crude was down $2.57, or 20%, at $10.21 a barrel. The contract plunged 25% on Monday...
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