Oil Glut Continues To Drive Down Prices

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.

Oil companies are dealing with a plethora of challenges due to the sudden decline in demand.

Haseeb Ahmed Oil and gas analyst, GlobalData