June crude futures extend losses, dropping nearly 20% to $10.30 a barrel
U.S. oil prices remained under pressure on Tuesday, after the June contract saw its second-lowest settlement on record as concerns over a lack of storage for the commodity continued to dog the market.
Piling on the pressure Monday, the world’s biggest oil exchange-traded fund, United States Oil Fund LP USO, -14.78% said it will further cut holdings of crude contracts in specific months, leaving it with 30% of its holdings in the July futures contracts, and 15% in each of the August, September, October, and December contracts.June Brent crude BRNM20, +2.50%, the international benchmark, declined by 3.2%, or 66 cents, to $19.32 a barrel, after a 6.8% drop to $19.
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