US oil plunges, Brent below $20 a barrel on storage, economic woes
LONDON: Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic.
US oil futures led losses, falling by more than $4 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.
US West Texas Intermediate June futures were down $4.63, or 27.3 per cent, to $12.31 a barrel at 1406 GMT.
Brent crude was down $1.81, or 8.4 per cent, at $19.63 a barrel. The June Brent contract expires on Thursday.
Oil futures marked their third straight week of losses last week, with Brent ending 24 per cent down and WTI off about 7 per cent. Prices have now fallen for eight of the past nine weeks.
