OREANDA-NEWS. The cost of the nearest futures for WTI crude oil fell by 23.36%, to $ 14.81 per barrel as of 09:20 Moscow time. This is evidenced by trading data.

Oil prices fell due to fears of a further fall in demand for raw materials. The cost of the nearest futures for WTI crude oil fell by more than 20% on fears that US oil storage facilities would soon fill up in the midst of a coronavirus pandemic, Reuters reported. The volume of raw materials in oil storage facilities is growing, as refineries are reducing production due to falling demand. CMC Markets analyst Michael McCarthy believes that the decline in WTI oil prices reflects a decline in demand and an overflow of major US storage facilities in Cushing.

The International Energy Agency (IEA) predicts that oil demand this year will fall by a record 9.3 million barrels per day, and by the end of April, demand will decline by 29 million barrels per day.