Fears over dwindling storage capacity drove oil lower. REUTERSOil future prices in the United States further slumped yesterday amid concern about dwindling capacity to store crude worldwide, while China's regulator has asked commercial banks to stop selling high risk wealth management products. S&P Dow Jones Indices will pre-roll WTI June contracts to July contract for all commodity indices, as the June contract price may fell to below zero, Samsung Asset Management (Hong Kong) said. The manager of Samsung S&P GSCI Crude Oil ER Futures ETF (3175) has already switched its target from June futures to September futures last week. In other news, Singapore's central bank expects a deeper-than-forecast recession, while the German economic institute Ifo predicts the German economy will contract by 6.6 percent this year.

Source: The Standard April 28, 2020 19:07 UTC