SINGAPORE: US oil prices fell heavily Monday on renewed concerns over storage capacity as the coronavirus throttles demand, even as producers start slashing output to boost markets.Brent crude, the international benchmark, was off 3.2% at US$20.75 a barrel.
Last week, US oil fell below zero for the first time as investors scrambled to offload it before the expiry of a trading contract but could not readily find buyers.A key worry for traders is that storage facilities – particularly in the US – cannot cope with the oversupply. The continued concerns about storage overshadowed signs that some countries – including Kuwait and Algeria – are starting to slash production in line with a major agreement hammered out this month.
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