Oil falls as crude in US storage nears all-time high

SINGAPORE: Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic.

U.S. oil futures led losses after U.S. crude inventories rose to 518.6 million barrels in the week to April 17, near an all-time record of 535 million barrels set in 2017, while floating crude oil storage has hit an all-time high of 160 million barrels.

U.S. West Texas Intermediate futures fell $1.22, or 7.2 per cent, to $15.72 a barrel by 0122 GMT, while Brent crude was down 33 cents, or 1.5 per cent, at $21.11 a barrel.