With demand at near-paralysis, oil and fuel tanks around the world are close to brimming.
The volume of oil held in U.S. storage is rising sharply at the same time as the coronavirus crisis is dramatically reducing consumption.
April 20, 2020
By Lucy Bayly
U.S. crude oil prices dropped by almost 300 percent to turn negative for the first time as plunging demand pushed storage facilities to their limits.
May delivery for the U.S. benchmark crude, West Texas Intermediate, sank to a new low of minus $37.63 a barrel by the close of the oil market on Monday, a staggering level that essentially means producers would be paying buyers to take oil off their hands.
Oil set to be delivered in May was hardest hit, since that futures contract expires on Tuesday. The June contract also fell, though by a far smaller margin of 18 percent.