Oversupply could test storage capacity limits in 3-4 weeks as tanks fill up. FMTNews BrentCrude OilPrices WTI
SINGAPORE: US oil prices fell heavily on Monday and slipped below US$15 a barrel on renewed storage concerns as the coronavirus throttles demand, even as producers start slashing output to boost markets.
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 United States — cannot cope with the oversupply. The oversupply could test storage capacity limits in three to four weeks as tanks fill up, Goldman Sachs warned in a report.
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