Oil Glut Continues To Drive Down Prices
Video Credit: Wochit News - Duration: 00:34s - Published
Oil Glut Continues To Drive Down Prices
Reuters reports oil prices opened about 1% lower on Sunday.
A persistent glut has continued to drive down prices.
Analysts say North America is battling a severe shortage of storage capacity, and that it's possible the US will run out of storage space.
Brent crude LCOc1 was down 29 cents, or 0.9%, at $30.68 a barrel by 6:05 p.m.
The coronavirus pandemic has eroded global oil demand even as some governments began to ease lockdowns.