Crude oil prices were down on Thursday amid worries that the rising glut of supply in the global oil market would rapidly fill crude storage capacity around the world.

International benchmark Brent crude was trading at $19.20 per barrel at 06;25 GMT for a 4% decline after it closed Monday at $20 a barrel.

American benchmark West Texas Intermediate was at $17.96 a barrel at the same time for a 28.8% dive after ending the previous session at $12.78 per barrel.

Due to the novel coronavirus, global oil demand has been low, but supply has been growing since oil producers around the world continue to keep pumping crude.