The Marathon Petroleum Corp. refinery is shown in Detroit, Tuesday, April 21, 2020. US crude has been particularly hard-hit because of storage problems. - AP
SINGAPORE (AFP): Brent crude plunged more than 12 per cent to below US$17 a barrel Wednesday (April 22) while US oil erased early gains and fell, as the coronavirus strangles demand and ravages energy markets, while storage facilities approach full capacity.
In another day of volatile trading, US benchmark WTI surged in early Asian deals while Brent also edged up on news that top producers had held talks -- only for prices to suddenly change course.
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