Oil plummets 21% to 21-year low as sinking demand spurs uncertainty around storage

AP Photo/Matthew Brown

• Oil prices plummeted to a 21-year low on Sunday evening as uncertainty mounted around storage of excess supply.
• The commodity has continued to fall over the past week, even after OPEC and its allies agreed to a historic production cut intended to backstop prices.
• WTI crude oil plunged as much as 21% to $14.47 per barrel, while Brent slid 4.2% to $26.91 per barrel at intra-session lows.
• Watch oil trade live on Markets Insider.

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Oil plunged to a 21-year low on Sunday. The commodity's latest round of sharp selling comes as uncertainty mounts around storage for excess oil. Demand for crude has plummeted since the coronavirus outbreak has frozen activity worldwide.

WTI crude oil plunged as much as 21% to $14.47 per barrel. It later pared losses and traded roughly 15% lower to $15.60 at 9:40 p.m. in New York. Brent crude losses were muted by comparison, with the commodity sliding 4.2% to $26.91 per barrel at intra-session lows.

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