Oil plunges 16%, extending Monday's 25% decline [MSNBC.com]
Exxon Mobil Corporation (XOM)
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Source: MSNBC.com
A worker prepares to lift drills by pulley to the main floor of a drilling rig in the Permian basin.Brittany Sowacke | Bloomberg | Getty ImagesOil prices fell 16% in Tuesday early morning trading, extending Monday's nearly 25% decline on ongoing fears that storage around the world is rapidly filling.West Texas IntermediateBrent crudeWTI 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 Jun
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XOM
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- 10/31/25 - Beat
XOM
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- 12/2/25 - Form 4
- 12/2/25 - Form 4
- 12/2/25 - Form 4
- XOM's page on the SEC website