At the start of a brand new trading week, WTI crude oil prices are sliding lower as markets worry about storage facilities nearing full capacity soon amid weakening demand due to the coronavirus pandemic. At the time of writing, WTI crude oil is trading at around $15.57 per barrel

Despite promises of deeper production cuts by leading oil producers worldwide, including OPEC and its allies, traders fear that the global demand for oil is falling at a faster rate amid the continued shutdowns and travel restrictions imposed by several countries. In addition, with the global economy headed for a sharp downturn, oil demand is likely to stay depressed for longer than previously expected.

Last week, WTI crude oil prices fell by around 7%, the third consecutive week of bearishness amid fears about the economic fallout of the pandemic. Analysts expect crude oil prices to remain on the weaker side for the near future as worries about oversupply and weakening demand weigh on markets.

Latest estimates expect global oil demand to reduce by at least 30% this year even as the global economy is expected to contract by 2%. So far, OPEC+ countries have committed to cutting oil supply by around 20%, which still does not offset the fall in demand.