LONDON (Reuters) – Benchmark Brent and U.S. oil futures for June delivery plunged to around two-decade lows on Tuesday, a day after U.S. May futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis.
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
Brent for June delivery LCOc1, known as the front-month contract after the May futures contract expired, fell to as low as $18.10, its lowest since November 2001. At 1200 GMT, it was down 18% at $20.98.
The June contract for U.S. West Texas Intermediate (WTI) crude CLc2 dropped 21% to $16.14, after hitting its lowest since 1999.
WTI for May CLc1, in which trading turnover is much lower, hit negative $3.99, after Mo