Crude at lowest level in two decades

WTI crude oil contracts for May delivery slumped 9% overnight to $18.03/bbl after OPEC economists slashed their global demand forecasts and the Energy Department said domestic producers had boosted U.S. inventories by a record 19.2M barrels.

Data also showed that Saudi Arabia's oil exports to the U.S. skyrocketed in the last month, adding to the hardship for American shale producers. Shipments went from an average of 366,000 barrels per day in February to 829,540 bpd in March, a multiple of around 2.5.

Brent and WTI contracts for June delivery are flat at about $27.84/bbl and $25.53/bbl, respectively.

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