Oil drops 12% on storage capacity fears and weak demand, futures were down as much as 20% [CNBC]
Exxon Mobil Corporation (XOM)
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Source: CNBC
VIDEO2:5502:55Kpler's Booth: Oil tank storage is already "kind of gone"Worldwide ExchangeOil prices fell more than 10% on Tuesday, extending Monday's nearly 25% decline amid intensifying fears about dwindling storage capacity worldwide.West Texas IntermediateBrent crudeOn Monday,WTI fell 24.56%, or $4.16, to settle at $12.78 per barrelThe coronavirus pandemic has erased as much as a third of global demand for oil, according to some estimates, which has sent prices tumbling to record lows."The June contract is falling due to the reality of demand levels being well below current production levels and limited storage options," Reid Morrison, PwC oil and gas advisory leader, told CNBC. "Choppiness in the markets will be significant as economies deal with lockdowns and returning to normal," he added.Prices were also pressured on Monday after the United States Oil Fund, which trades under the ticker'USO'sell all of its contracts for June delivery beginning Monday"The move [by the USO] is a
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