Oil prices fell today, depressed by concerns U.S. storage facilities will soon be full as the novel coronavirus pandemic destroyed demand and as companies prepare to report their worst quarterly earnings since the 2008 financial crisis.

Todayy, the front-month May West Texas Intermediate (WTI) contract was down $3.40, or 18.6 percent, to $14.87 a barrel by 06:00 GMT. At one point, the contract had fallen as much as 21 percent to hit a low of $14.47 a barrel, the lowest since March 1999.

The volume of oil held in U.S. storage, especially at Cushing, Oklahoma, the delivery point for the U.S. WTI contract, rose as refiners throttled back activity because of weak demand.

The oil industry has been swiftly reducing output in the face of an estimated 30% decline in fuel demand worldwide.