Crude oil futures slipped to Rs 863 per barrel on April 28 as participants increased their short positions. Oil prices deteriorated on concerns that global onshore storage capacity has reached 85 percent as the novel coronavirus pandemic impacted oil demand.

Diamond Offshore became the latest US company to file for bankruptcy protection on April 27 due to plunging oil prices and the fifth listed firm to file for insolvency in last 30 days after Whiting Petroleum, the biggest so far, filed for protection on April 1.