It is noted that this comes against the backdrop of concerns about filling the world aftersales, as well as fears that demand will recover slowly with the gradual lifting of restrictions related to the pandemic coronavirus infection.
Futures on Brent crude by 11:45 Kiev time, decreased by 3.8% to 19.20 per barrel. So, on Monday, the benchmark has lost 6.8 percent. As for the June contract, it shall expire on 30 April.
Meanwhile, futures on WTI fell by 19.5% to 10.3 dollars per barrel, losing 25% a day earlier.
Strategists note that the WTI part of the losses connected with the sale of the retail investors, including exchange traded funds, which sell futures with delivery in June, switching to later months. This is done in order to avoid new large-scale losses, like last week.
Leaving data Kpler, world of tanks on land as the last nedolyubili filled approximately 85%.
The source also noted that oil traders have resorted in desperation to hire expensive American vessels for the storage of gasoline.
It is emphasized that despite the fact that the Organization of countries-exporters of oil (OPEC) and its allies led by Russia agreed to record production cuts of almost 10 million barrels per day since may 1, this amount is not enough to offset falling demand by about 30 million barrels per day in connection with the restrictions imposed over COVID-19.