Oil Prices Crash 24% As Storage Fears Mount

Oil prices look to be facing yet another harrowing Monday, with the price of WTI sliding by more than 20 percent in early morning trading. Global oil storage is inching closer and closer to reaching its capacity, and worse, the problem is being exacerbated as more local governments across the world extending COVID-19 lockdown recommendations, weighing on crude demand. According to Goldman Sachs, global oil storage could be completely full within the next three weeks, and another dramatic crash could follow. Bjornar Tonhaugen, head of oil markets,…