US crude at US$10? It's a possibility, given latest dive to 21-year low

Oil currencies slide as US benchmark WTI crashes; floor falls out of demand, filling up US storage space

Anita Gabriel

Published Mon, Apr 20, 2020 · 09:50 PM

oil

Singapore

THERE's no saving crude - not even the much-wished for Saudi-Russia oil cutback - as the floor fell out of demand amid the continuing Covid-19 pandemic.

Monday's brutal crash of US crude benchmark West Texas Intermediate (WTI) to a 21-year low will be seared into the memory of oil traders across the world.

Led by a massive trading squeeze ahead of the expiry of the May contract on Tuesday as the market flipped into super contango, traders scrambled to roll May contracts over to the next futures …