WTI under renewed pressure as index jettisons June futures
Extreme selling pressure moved swiftly from the May to the June West Texas Intermediate (WTI) crude oil futures this week as index-tracking investors abandoned the front-month contracts to get ahead of oversupply concerns.
The unprecedented move into negative territory last week by the WTI May contract shocked the world. Oversupply issues are plaguing the US oil market, due to a crash in demand caused by countries being in lockdown and Saudi Arabia’s and Russia’s price war.With May’s contracts having expired, ...
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