The price of US crude oil for June delivery more than halved on Tuesday and Brent, the international benchmark, dropped below $20 per barrel for the first time in 18 years, as global oil markets remained under intense pressure.
The value of West Texas Intermediate for delivery in June, which had held above $20 a barrel on Monday even as the May contract traded at a historically unprecedented negative price, slumped to $8.58.
The move suggested the blowout in the May contract was more than just a technical blip, and reflected growing concern that US storage facilities will fill up unless energy demand quickly rebounds from its coronavirus-related collapse.
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