Oil Glut Continues To Drive Down Prices
Wochit Entertainment
2020-05-10
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Reuters reports oil prices opened about 1% lower on Sunday. A persistent glut has continued to drive down prices.
Analysts say North America is battling a severe shortage of storage capacity, and that it's possible the US will run out of storage space.
Brent crude LCOc1 was down 29 cents, or 0.9%, at $30.68 a barrel by 6:05 p.m.
The coronavirus pandemic has eroded global oil demand even as some governments began to ease lockdowns.
Oil companies are dealing with a plethora of challenges due to the sudden decline in demand. Haseeb Ahmed Oil and gas analyst, GlobalData
Analysts say North America is battling a severe shortage of storage capacity, and that it's possible the US will run out of storage space.
Brent crude LCOc1 was down 29 cents, or 0.9%, at $30.68 a barrel by 6:05 p.m.
The coronavirus pandemic has eroded global oil demand even as some governments began to ease lockdowns.
Oil companies are dealing with a plethora of challenges due to the sudden decline in demand. Haseeb Ahmed Oil and gas analyst, GlobalData
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