Lowest Demand Corona Effect

 Michael McCarthy, chief market strategist with CMC Markets, said the plunge in WTI "reflects a glut" at the US facility in Cushing, Oklahoma.ANZ added in a note that "crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment".1 percent to $26. (AFP Photo)Singapore: US crude crashed to below $15 a barrel on Monday, its lowest level for over two decades, as concerns about a virus-triggered demand shock and lack of storage eclipsed an output cut deal.78 a barrel.The benchmark has now "decoupled" from Brent "with the spread between the two reaching a decade high", he said in a note.end-ofTags: crude oil market, oil output freeze, global oil markets, crude oil prices, coronavirus impact, covid 19 outbreak, coronavirus crisis, us crudeLocation: Singapore, –, SingaporeRelated StoriesOil drops to 18-year low as market faces lowest demandCorona effect: Record fall in global oil demandOPEC, Russia approve biggest ever oil cut amid coronavirus.The crisis was compounded after Saudi Arabia, kingpin of exporting group OPEC, launched a price war with non-OPEC member Russia.

11.But prices have continued to fall heavily, with analysts saying the cuts will not be enough to make up for massive falls in demand caused by the pandemic.25 million barrels last week, adding to the woes of the oversupplied world market Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter demand US crude falls below $15 a barrel."Despite the OPEC+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil," it said, referring to the Organization of the Petroleum Exporting Countries and non-OPEC partners.73 a barrel in early Asian trade, before markets steadied and it clawed back some ground to $15.93 a barrel, before China pvc crust foam board screw barrel rising and stabilising at $28.

Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter demand for the commodity.West Texas Intermediate (WTI), the US benchmark, fell more than 19 percent to $14.International benchmark Brent dropped 4."The US Energy Information Administration said crude inventories in the world's biggest economy rose by 19.Riyadh and Moscow drew a line under their dispute earlier this month when they and other countries agreed to cut output by almost 10 million barrels a day to boost virus-hit markets."Concern continues to mount that storage facilities in the US will run out of capacity.WTI was hit particularly hard on Monday as analysts said there were concerns that its main storage facilities in the United States were filling up