On Monday, prices of crude oil continues to fall in Asia. It is due to the rapid filling of global storage facilities as the COVID-19 pandemic crushes demand.
For the past nine weeks, crude oil prices have lowered for eight weeks; for a third week straight as of last Friday.
US crude benchmark West Texas Intermediate briefly plunged almost 20 percent to below $15 — its lowest since 1999 — as stockpiles continue to build owing to a crash in demand caused by the COVID-19 pandemic.
Analysts said this month’s agreement between top producers to slash output by 10 million barrels a day was having little impact on the oil crisis because of lockdowns and travel restrictions that are keeping billions of people at home.
WTI was hit particularly hard as its main US storage facilities in Cushing, Oklahoma, were filling up.
ANZ said “crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment”.