NEW YORK (Reuters) – Brent oil futures prices plunged again on Tuesday, extending oil market panic into a second day with no end in sight to a swelling global crude glut as the coronavirus pandemic has obliterated demand for fuel.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
Monday and Tuesday have been two of the most turbulent days in the history of oil trading, as investors confronted the reality that worldwide supply will overwhelm demand for months or years and current production cuts to offset that glut are nowhere near sufficient.
After Monday’s trade, when the front-month May U.S. contract fell into negative territory for the first time in history, Tuesday set a new milestone as more than 2 million contracts for U.S. crude for delivery in June changed hands, the busiest day in history, according to exchange operator CME Group.
Brent futures LCOc1 for June delivery settled down 24% to $19.33 a barrel, their lowest since February 2002. U.S. West Texas Intermediate (WTI) crude CLc2 fo