US West Texas Intermediate (WTI) crude CLc1 futures dropped by as much as 7.1% and were off 6%, or 77 cents, at $12.01 a barrel as of 0110 GMT. Brent crude LCOc1 futures fell as much as 3.5% in early trade and were last down 1.4%, or 27 cents, at $19.72 a barrel. “Clearly everything’s getting dragged down by the machinations in the WTI futures market,” said Daniel Hynes, senior commodity strategist at Australia and New Zealand Banking Group (ANZ) in Sydney. The market’s coming round to the view there’s going to be no quick recovery in demand,” Hynes said. As a result of the collapse in demand, global storage onshore is estimated to be about 85% full as of last week, according to data from consultancy Kpler.

Source: Dhaka Tribune April 28, 2020 01:18 UTC