# Benchmark oil price near two-decade low amid falling demand and storage shortage - ABC News

> Brent and WTI June futures fell to near two-decade lows after WTI May contracts had briefly gone negative. OPEC announced cuts of almost 10 percent of global supply, but coronavirus lockdowns have cut demand by as much as 30 percent.

- Date: 2020-04-21 · published 2020-04-21T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/4481-benchmark-oil-price-near-two-decade-low-amid-falling-demand-and-storage
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Demand losses are outpacing announced supply cuts, keeping crude under heavy downward pressure. Weaker oil prices lower energy costs but weigh on biofuel margins that support vegetable oil and corn demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-04-21 | 1 | -47.5% | -6.8 | Brent and WTI June futures hit near two-decade lows on Apr 21 as demand fell and storage ran short, with OPEC cuts insufficient. |
| BRENT | 2020-04-21 | 5 | -58.0% | -11.5 | Brent and WTI June futures hit near two-decade lows as demand fell by as much as 30% and storage ran short, reinforcing the sell-off. |

## Sources

- abc.net.au: https://www.abc.net.au/news/2020-04-22/brent-oil-drops-to-near-two-decade-low-supply-demand-storage/12171368

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.