Oil drops more than 12%, extending Monday's 25% decline [CNBC]
Exxon Mobil Corporation (XOM)
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Source: CNBC
Oil prices fell more than 12% in Tuesday early morning trading, extending Monday's nearly 25% decline on ongoing fears that storage around the world is rapidly filling. West Texas Intermediate , the U.S. benchmark, slipped 12.75%, or $1.63, to trade at $11.15 per barrel, while international benchmark Brent crude traded 3.9% lower at $19.21 per barrel. On Monday, WTI fell 24.56%, or $4.16, to settle at $12.78 per barrel . International benchmark Brent crude fell 6.76% to settle at $19.99. Each contract is coming off its eighth week of losses in nine weeks. The 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 a
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