Oil Plunges As European Countries Extend Lockdowns ...Middle East

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Oil Plunges As European Countries Extend Lockdowns
source : OILPRICE ( Middle East ) () 25
Oil prices dipped by more than 4 percent early on Tuesday, weighed down by concerns about immediate demand and speculators liquidating long positions. As of 9:45 a.m. EDT, WTI Crude prices were trading below the $60 a barrel mark, at $59.02, down by 4.13 percent on the day. Brent Crude was falling by 4.18 percent at $61.92. The nearest Brent Crude contract for May was trading at a discount to the next-month contract, the June contract, for the first time since January this year. The contango—the structure in which the front-month price is…

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