Oil prices open down on persistent oversupply worries

Published on May 04, 2020 06:29 AM IST

Some US states and cities around the world have eased coronavirus pandemic restrictions.

US crude futures fell more than 5% in early trade on Monday(AP)
US crude futures fell more than 5% in early trade on Monday(AP)
MELBOURNE | ByReuters | Posted by: Prashasti Singh

US crude futures fell more than 5% in early trade on Monday, paring last week’s gains, on worries about oil oversupply and tempered hopes for an economic recovery as some US states and cities around the world ease coronavirus pandemic restrictions.

US West Texas Intermediate (WTI) crude futures fell as low as $18.50 a barrel and last traded down 95 cents, or 4.8%, at $18.83. The benchmark contract rose 17% last week.

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