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US crude at US$10? It's a possibility, given latest dive to 21-year low

Oil currencies slide as US benchmark WTI crashes; floor falls out of demand, filling up US storage space

The US total rig count may be down 51 per cent from its December 2018 peak, but is still up over 25 per cent from a recent low, said one analyst. Another said the US, as a landlocked oil market, has the most intense storage issues.


THERE's no saving crude - not even the much-wished for Saudi-Russia oil cutback - as the floor fell out of demand amid the continuing Covid-19 pandemic.

Monday's brutal crash of US crude benchmark West Texas Intermediate (WTI) to a 21-year low will be seared into the...

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