Energy commodity prices continued to drop on Tuesday’s session as the coronavirus pandemic continued to impact global sentiment amid lack of storage for the commodity.
Monday’s session saw May WTI futures trade below $0 to settle on the negative for the first time in history. On Tuesday, June WTI futures fell by more than 45% to less than $11 per barrel. Brent for June delivery dropped by over 25%, falling below $20 per barrel.
According to Reuters, OPEC+ members are in talks to immediately execute the historic 9.7 million BPD output cut agreed on April 12 instead of waiting till next month.
Meanwhile, major indices fell on Tuesday’s mid-session with the Nasdaq 100 losing by almost 4%, the Dow down by nearly 2.5% and the S&P 500 dropping by nearly 3%.
The euro was flat against the US dollar at $1.08627.
