US crude fell towards $ 20 a barrel as investors bet that a collapse in fuel demand caused by the Corona virus pandemic would be so great that it would not be offset by record global cuts from producers .
It is expected that the largest oil producers in the world will reduce production by up to 19.5 million barrels per day, but these reductions are being implemented slowly in some cases and will not begin weeks ago.
In contrast, global demand fell by about 30% a few weeks ago, which caused a rapid filling of storage tanks in refineries.
The US West Texas Intermediate benchmark futures contract for the closest trading session due low was $ 2.30, or 10.3%, to settle at the settlement of $ 20.11 a barrel.
Brent crude futures fell $ 2.14, or 6.7%, to settle at $ 29.60 a barrel.
The two benchmarks are both more than 50% below their levels at the beginning of the year.
