Oil Falls to 18-Year Low After Record Collapse in U.S. Demand
- American oil supplies rose by almost 20 million barrels
- U.S. weekly gasoline stockpiles surge to record high: EIA
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Oil plunged to the lowest in two decades amid a record collapse in U.S. fuel demand and the biggest ever weekly build in domestic crude supplies.
Futures in New York settled below $20 a barrel for first time since 2002. American gasoline consumption dropped to the lowest level on record while crude supplies ballooned by 19.2 million barrels, according the Energy Information Administration. The government report underscored 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.