Tortoise's Brian Kessens in Bloomberg

Oil at 18-Year Low Amid Record Collapse in U.S. Fuel Demand

Oil fell below $20 a barrel, clinging to the lowest level since 2002, amid a record collapse in U.S. fuel demand and the biggest ever weekly build in domestic crude supplies.
Futures in New York fell as much as 4.5% and global benchmark Brent tumbled 8.2%. American gasoline consumption dropped to the lowest level on record while crude supplies ballooned by almost 20 million barrels, according the Energy Information Administration. The government report underscores an earlier forecast by the Paris-based International Energy Administration, which warned that even OPEC+’s historic production cut can’t counter the epic demand decline caused by the coronavirus pandemic.
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