Oil prices continued to plummet on Wednesday as concerns over limp demand and limited remaining storage capacity lingered.
shed all of its earlier gains as it dropped 6.66% to $10.80 per barrel. The July contract for WTI also declined and was last trading below $19 per barrel.
"The world is running out of place to store the oil," Nysveen told CNBC's "Street Signs Asia" on Wednesday, adding that storage acts as "a kind of buffer." Pictet Wealth Management's Jean-Pierre Durante agreed with Nysveen's assessment of the situation, commenting in a Wednesday note that the "world is overflowing in oil" despite a recent decision by the Organization of the Petroleum Exporting Countries and its allies — known collectively as OPEC+ — to cut oil supply.
Global demand for oil has fallen dramatically, with major economies worldwide effectively frozen as a result of coronavirus-induced lockdowns imposed by authorities scrambling to contain the spread of the disease.
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