Oil prices fell more than 10%, extending Monday’s nearly 25% decline amid intensifying fears about dwindling storage capacity worldwide.
West Texas Intermediate futures for June slipped 13% to trade at $11.11 per barrel, while international benchmark Brent crude was unchanged at $19.99. Earlier in the session WTI had been down more than 20%.
On Monday, WTI fell 24.56%, or $4.16, to settle at $12.78 per barrel. Brent crude fell 6.76% to settle at $19.99. Each contract is coming off its eighth week of losses in nine weeks.