On April 28, oil prices in the US nosedived towards US$10 a barrel after a major exchange-traded fund started selling its short-term contracts. That added to investor concerns about dwindling storage capacity. Meanwhile, British energy giant BP’s profits fell by two-thirds in Q1 2020 as the COVID-19 pandemic crushed demand for oil, triggering a price crash. BP posted a net profit of $800 million, down from $2.4 billion a year earlier.
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