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US oil falls 25% as investors flee on storage concerns; Brent below $20

Roughly 85 per cent of worldwide onshore storage full as of last week, according to Kpler data

Crude Oil price
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Fuel demand is down 30 per cent globally, and storage is becoming precious

Reuters
Brent crude fell below $20 a barrel and US crude plunged 25 per cent  on Monday, driven lower by skittish investors fleeing the US 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 per cent  globally, and storage is becoming precious, with roughly 85 per cent  of worldwide onshore storage full as of last week, according to Kpler data.

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First Published: Apr 28 2020 | 3:19 AM IST

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