Oil falls on concerns over storage, weakening economies

REUTERS | Oil prices fell on Monday, with a U.S. crude futures contract hitting its lowest level since 1998, as concerns that U.S. crude storage will soon be full and bleak economic data hit sentiment. Brent LCOc1 was down $1.18, or 4.2%, at $26.90 a barrel by 1321 GMT, while the front-month May WTI contract CLc1 fell $5.88, or 32%, to $12.39. At one point, the contract hit a low of $10.77 a barrel, the lowest since 1998. However, analysts said the sell-off was exaggerated by the contract’s imminent expiry.

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