Oil drops 20%

Oil drops 20%

Agency News

Oil prices plunged more than 20% on fears that worldwide storage will soon fill as the coronavirus outbreak continues to roil demand.

West Texas Intermediate for June delivery fell 23.5%, or $4.02, to trade at $12.91 per barrel, while international benchmark Brent crude traded 6.2% lower at $20.11 per barrel. Each contract is coming off its eighth week of losses in nine weeks.

WTI for July delivery fell more than 11% to $18.84 while the August contract slipped more than 7% to $22, suggesting the Street doesn’t see a meaningful recovery in the next few months.