Oil drops 25% extending recent losses as storage fills [MSN Money]
Diamond Offshore Drilling, Inc. (DO)
Last diamond offshore drilling, inc. earnings: 2/10 06:00 am
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Source: MSN Money
U.S. oil pric plunged 5% on Monday on fears that worldwide storage will soon fill as the coronavirus pandemic continu to roil demand.© Provided by CNBCWt Texas Intermediate for June delivery fell 5%, or $.7, to trade at $.7 per barrel, while international bchmark Brt crude traded 6.% lower at $0. per barrel. Each contract is coming off its eighth week of loss in nine weeks.Load ErrorWTI for July delivery fell more than % to $8.8 while the August contract slipped more than 7% to $, suggting the Street don’t see a meaningful recovery in the next few months."The market knows that the storage problem remains and we are on a calculated path to reach tank tops in weeks," said Bjornar Tonhaug, head of oil markets at Rystad Energy. "Actions are needed now as the problem stopped being theoretical and far away. The storage clock is ticking for producers and we are approaching the final countdown if no further action is tak."WTI, the U.S. bchmark, has fall more than Brt as traders eye the quickl
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