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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

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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.

Singapore

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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