'There is potential this could go even lower.' Oil prices plunge to 17-year lows as demand drop threatens to overwhelm storage facilities.

REUTERS/Lucas Jackson

• Crude oil prices tanked Monday as continued fears over the coronavirus pandemic slammed energy demand. 
• West Texas Intermediate (WTI) the US benchmark dropped below $20 a barrel in Asian trading while Brent crude hit $23.03, its lowest price since 2002. 
• The ongoing price war between producers Russia and Saudi Arabia alongside concerns over storage capacity has sunk prices. 

Global crude oil prices tanked Monday amid continued concerns over the coronavirus pandemic's impact on energy demand and the ongoing price war between Russia and Saudi Arabia.

West Texas Intermediate (WTI), the US benchmark dropped below $20 a barrel in Asian trading while Brent crude hit $23.03, its lowest price since 2002. 

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