“Oil is back in focus, with the June WTI contract plunging again as the largest US oil ETF plans to offload all of its holdings of the contract in the coming days and instead buy up longer-dated contracts.”
In morning London deals, West Texas Intermediate crude for June delivery tumbled more than 21 percent to $10.07 — having plunged 25 percent a day earlier.The latest market drop was driven by the United States Oil Fund — a massive, oil-backed exchange-traded fund — saying it would sell all its holdings in the contract for June delivery.
“Oil is back in focus, with the June WTI contract plunging again as the largest US oil ETF plans to offload all of its holdings of the contract in the coming days and instead buy up longer-dated contracts,” OANDA analyst Craig Erlam told AFP. Demand for the commodity has collapsed owing to lockdowns and travel restrictions imposed worldwide to fight the virus.
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