By AFPMore by this AuthorSingaporeOil prices extended falls Tuesday, a day after another massive rout, as concerns over storage capacity overshadow cuts by top producers aimed at boosting coronavirus-hit markets. Prices have plunged in recent weeks as demand for the commodity collapses owing to lockdowns and travel restrictions imposed worldwide to fight the Covid-19. BELOW ZEROAdvertisementLast week, US oil fell below zero for the first time as investors scrambled to offload it before the expiry of a trading contract, but could not readily find buyers. A key worry for traders is that storage facilities – particularly in the United States – cannot cope with the oversupply. The continued concerns about storage overshadowed signs that some countries are starting to slash production in line with a major agreement hammered out this month.

Source: Daily Nation April 28, 2020 01:30 UTC