(Bloomberg) — Oil held below $13 a barrel in Asia after the biggest oil ETF said it would dump the June crude contract amid dwindling global storage capacity.Futures in New York rose 1%, after plunging 25% on Monday. The United States Oil Fund LP said it would move all the money it invested in the front-month June WTI oil contract, triggering a massive swing in the price relationship between the June and July contracts. Brokerage firms are also restricting client’s abilities to add new positions to certain crude contracts.The global oil market is on track to test storage capacity limits …read more
Source:: Yahoo Finance
