Oil falls as crude in U.S. storage nears all-time high [Yahoo! Finance News]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance News
An oil pump jack pumps oil in a field near CalgaryBy Florence TanSINGAPORE ) - Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic.U.S. oil futures led losses after U.S. crude inventories rose to 518.6 million barrels in the week to April 17, near an all-time record of 535 million barrels set in 2017, while floating crude oil storage has hit an all-time high of 160 million barrels. [EIA/S]U.S. West Texas Intermediate futures fell $1.22, or 7.2%, to $15.72 a barrel by 0122 GMT, while Brent crude was down 33 cents, or 1.5%, at $21.11 a barrel.Oil futures marked their third straight week of losses last week - and have fallen for eight of the past nine - with Brent ending down 24% and WTI off around 7%."Rising inventories and weak demand are weighing heavily on sentiment," ANZ analysts said.Trading was extremely volatile last w
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