U.S. oil plunges 27%, Brent below $20 a barrel [Reuters]
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Source: Reuters
U.S. oil plunges 27%, Brent below $20 a barrel NEW YORK (Reuters) - Brent crude fell below $20 a barrel and U.S. crude plunged 27% on Monday, driven lower by skittish investors fleeing the U.S. benchmark due to lack of available storage to deal with a coronavirus-induced collapse in demand. Even as governments worldwide are taking tentative steps towards reducing restriction on movement to help economies rebound, fuel demand remains weak. Fuel demand is down 30% globally, and storage is becoming precious, with roughly 85% of worldwide onshore storage full as of last week, according to Kpler data. Economic concerns continue to plague the market. Global economic output is expected to contract by 2% this year - worse than the financial crisis - while demand has collapsed by 30% because of the pandemic. U.S. West Texas Intermediate crude futures (WTI) fell $4.33, or 26.8%, to $12.62 a barrel by 12:26 p.m. EDT (1626 GMT). Brent crude slid $1.64, or 7.7%, to $19.81 a barrel. Traders also sa
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