WTI Futures Fall Almost 8% after the U.S. Inventory Nearly Hit All-Time High

Oil prices plunged on Monday, while U.S. crude opened with a down more than 9% in Asian Market, after global oil inventories are giving a sign of filling rapidly, lifting a concern that the production cuts will not be enough to handle with the collapse in worldwide demand from the covid-19 pandemic.

 

As of 11:24 local time in Thailand, Monday, WTI crude futures dropped $1.34/bbl or 7.91% to $15.60/bbl, while Brent crude futures shed $0.28/bbl or 1.31% to trade at $21.16/bbl.

 

U.S. oil futures faced losses following the crude storage 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.

 

Oil futures marked their third straight week of losses last week – and have fallen for eight of the past nine – with Brent ending down 24% and WTI off around 7%. according to Reuters.