The June futures for West Texas Intermediate (WTI) fell over 20 percent to trade at about $16, a day after the May futures made headlines globally for falling into the negative territory.

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The May futures, which will expire today, continued to trade in the negative zone at about -$4.7, up from its previous day’s close of -$37.63, meaning traders not willing to take delivery will be glad to pay to take the barrels of oil off their hands.

The global oil benchmark, Brent crude, was down 19 percent to $20.7.

The May contract of the oil futures brought into sharp focus the dual problem of oversupply and little demand, which has led to the serious storage shortages.

The OPEC+, which includes Russia and Saudi Arabia, has agreed to supply cut to shore up prices but analysts said prices would remain volatile and may continue to see futures dipping into negative territory.

Brent oil prices have collapsed around 60 percent since the start of the year.

First Published:Apr 21, 2020 5:14 PM IST