UPDATE 9-U.S. oil plunges 18%, Brent hovers near $20 a barrel - Agricultural Commodities - Reuters:
Brent crude hovered around $20 a barrel and U.S. crude plunged 18% on Monday, driven lower by skittish investors fleeing the U.S. benchmark due to lack of available storage to deal with a coronavirus-induced collapse in demand.
Even as governments worldwide are taking tentative steps towards reducing restriction on movement to help economies rebound, fuel demand remains weak.
Fuel demand is down 30% globally, and storage is becoming precious, with roughly 85% of worldwide onshore storage full as of last week, according to Kpler data.
Economic concerns continue to plague the market. Global economic output is expected to contract by 2% this year - worse than the financial crisis - while demand has collapsed by 30% because of the pandemic.
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