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U.S. oil prices plunged nearly 25% on Monday on fears that worldwide storage will soon fill as the coronavirus pandemic continues to roil demand.

West Texas Intermediate for June delivery fell 24.56%, or $4.16, to settle at $12.78 per barrel, after earlier trading as low as $11.88. International benchmark Brent crude fell 6.76% to settle at $19.99. Each contract is coming off its eighth week of losses in nine weeks.

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