Oil plummets 21% to 21-year low as sinking demand spurs uncertainty around storage
losses were muted by comparison, with the commodity sliding 4.2% to $26.91 per barrel at intra-session lows.
The price of oil has continued to slide even after OPEC and its allies agreed to the biggest-ever production cut — one intended to backstop prices. Investors remain unconvinced the cuts can offset cratering demand for the commodity as the coronavirus keeps society from operating normally. Concerns around storage come as near-term WTI crude prices trade at large discounts to longer-dated contracts. That dynamic is playing out amid worry that a key storage hub in Cushing, Oklahoma is nearing capacity,
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