Oil Meltdown Continues as Brent Plunges 14%

Oil prices continued to plummet Wednesday as concerns over limp demand and limited remaining storage capacity lingered.
International benchmark Brent crude futures plunged 14% to $16.55 per barrel on Wednesday, CNBC reported. 
Meanwhile, the June contract for West Texas Intermediate shed all of its earlier gains as it fell 6% to $10.82 per barrel. 
The July contract for WTI dipped and last traded below $19 per barrel.
Per Magnus Nysveen, senior partner and head of analysis at Rystad Energy, warned that the situation in the oil markets is “going to be worse.”
“The world is running out of place to store the oil,” Nysveen told CNBC’s “Street Signs Asia” on Wednesday, adding that storage acts as “a kind of buffer.”
“When the supply and demand balance is positive or negative, then you can build or draw from storage,” he said. “But when the storage gets full, then there is no buffer for this very strong imbalance that we’re seeing.”