Oil prices slump again on storage capacity, global demand concerns

Global economic output is expected to contract by 2% this year - worse than the financial crisis - while demand has collapsed by 30% because of the pandemic.

Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic.

US oil futures led losses, falling by more than $3 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.

US West Texas Intermediate CLc1 June futures fell $3.61, or 21.3%, to $13.33 a barrel by 1215 GMT.

Brent crude LCOc1 was down $1.17, or 5.5%, at $20.27 a barrel. The June Brent contract expires on Thursday.

Oil futures marked their third straight week of losses last week, with Brent ending