Oil prices continued their epic crash Wednesday as Brent crude futures, the main benchmark for global contracts, plunged by as much as 17% to their lowest level since 1999.
The collapse follows a historic rout on Monday when US oil for May delivery traded at negative prices.
US oil futures for June also plunged Wednesday, and were last down 5.7% to $10.91 a barrel, reversing a rise during early Asian trading hours. The price of a barrel of West Texas Intermediate crude had settled Tuesday at $11.57, after falling as low as $6.50.
Brent crashed as low as $15.98 a barrel, before steadying to trade around $17.30, still down more than 10%.
The market is worried about oil hubs running out of room to store barrels that nobody wants as the coronavirus pandemic causes demand for crude to disappear. While Saudi Arabia and Russia recently reached a deal with other members of the OPEC+ alliance to cut supply from May 1 by a record amount, that has done little to alleviate fears.