SINGAPORE (Reuters) – Petroleum futures fell on Monday, with U.S. futures touching levels not seen considering that 1999, extending weak point on the back of moving demand and issues that U.S. storage facilities will quickly stuff amid the coronavirus pandemic.
FILE PICTURE: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21,2014 REUTERS/Todd Korol
The oil market has been under pressure due to a wave of reports on weak fuel intake and grim forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Firm.
The volume of oil kept in U.S. storage, especially at Cushing, Oklahoma, the shipment point for the U.S. West Texas Intermediate (WTI) agreement, is increasing as refiners throttle back activity due to dropping need.
The front-month May WTI contract CLc1 was down $2.62, or 14%, to $1565 a barrel by 0142 GMT. At on