U.S. oil prices plunged more than 25% on Monday on fears that worldwide storage will soon fill as the coronavirus pandemic continues to roil demand.
West Texas Intermediate for June delivery fell 28%, or $4.75, to trade at $12.19 per barrel, while international benchmark Brent crude traded 10.3% lower at $19.20 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.
