Oil plunges 25%, extending recent losses as storage fills [CNBC]
Diamond Offshore Drilling, Inc. (DO)
Last diamond offshore drilling, inc. earnings: 2/10 06:00 am
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Source: CNBC
Oil-storage tanks are seen from above in Carson, California, April 25, 2020 after the price for crude plunged into negative territory for the first time in history on April 20.Robyn Beck | AFP | Getty ImagesU.S. oil prices plunged nearly 25% on Monday on fears that worldwide storage will soon fill as the coronavirus pandemic continues to roil demand.West Texas IntermediateBrent crudeWTI for July delivery fell more than 14% to $18.18 while the August contract slipped more than 9% to $21.50, suggesting the Street doesn't see a meaningful recovery in the next few months."The market knows that the storage problem remains and we are on a calculated path to reach tank tops in weeks," said Bjornar Tonhaugen, head of oil markets at Rystad . "Actions are needed now as the problem stopped being theoretical and far away. The storage clock is ticking for producers and we are approaching the final countdown if no further action is taken."WTI, the U.S. benchmark, has fallen more than Brent as trade
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