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Oil drops to 21-year low with storage filling as demand shrivels

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Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.

Futures in New York fell more than 8% in early Asian trading to less than $17 a barrel after losing almost a fifth of their value last week as the deal by OPEC+ and other producers failed to counter the loss of demand from a crippled global economy.

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