Oil slides towards 2003 low as demand plunges

Oil slides towards 2003 low as demand plunges

Futures in London fell 5.6% to near $25 a barrel as some traders estimate crude demand will collapse by as much as 20 million barrels a day this year.. Brent for May settlement lost $1.50 to $25.48 a barrel on the ICE Futures Europe Exchange as of 11:51 am in London after dropping to as low as $24.68 earlier.. WTI for May delivery dropped 43 cents to $22.20 a barrel on the New York Mercantile Exchange after falling to as low as $20.80.. "Any traders with the capacity to store oil are probably putting their hands up, looking at the contango," said Stephen Innes, chief Asia market strategist at Axicorp Ltd. ". Bloomberg Oil demand is plummeting - some traders say by 10 to 20 million barrels ....