The World US crude oil price falls below $20: Fall in demand due to the virus creates surplus that risks overwhelming storage capacity. U.S. crude-oil prices came under renewed pressure as the restrictions on business activity in most economies—combined with the threat of elevated production levels from Saudi Arabia and Russia—raised the prospect of a longer downturn in fuel markets. Global oil demand is set to drop by 12 million barrels a day in the second quarter in the steepest decline on record, according to analysts at Bank of America. With production also set to pick up, the bank forecasts that both U.S. and global crude futures will fall below $20 a barrel in the coming months and that the world may run out of storage space for oil. (
$20 a Barrel
$20 a Barrel
$20 a Barrel
The World US crude oil price falls below $20: Fall in demand due to the virus creates surplus that risks overwhelming storage capacity. U.S. crude-oil prices came under renewed pressure as the restrictions on business activity in most economies—combined with the threat of elevated production levels from Saudi Arabia and Russia—raised the prospect of a longer downturn in fuel markets. Global oil demand is set to drop by 12 million barrels a day in the second quarter in the steepest decline on record, according to analysts at Bank of America. With production also set to pick up, the bank forecasts that both U.S. and global crude futures will fall below $20 a barrel in the coming months and that the world may run out of storage space for oil. (