US oil prices plunge to 20-year low on oversupply fears

Oil prices have fallen across the board as traders run out of storage capacity. Analysts said the collapse in fuel demand — triggered by the COVID-19 pandemic — could eclipse the recent deal by OPEC and its allies to cut output. On April 20, US crude prices fell nearly 20%, while the WTI plunged to its lowest in over 20 years. With about half of the world’s population in some form of lockdown, global oil demand could have fallen by as much as a third.

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