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Pump jacks draw crude oil from the Long Beach Oil Field under Discovery Well Park in Signal Hill, California. Photo: David McNew/AFP via Getty Images

U.S. crude prices plummeted in Asian trading hours Monday morning amid concerns about where to store the excess oil the world isn't using while countries are on lockdown over the novel coronavirus pandemic.

Our thought bubble, per Axios' Amy Harder: The story with the oil industry remains the same despite the OPEC deal this month to steeply cut oil production: There’s too much oil, too few places to put it and far too little demand for it."

What's new: Prices on the May contract for West Texas Intermediate crude futures fell 15.54% to $15.43 a barrel, and the global benchmark Brent crude dropped 0.68% to $27.89 a barrel.

  • "The OPEC deal was always about making the situation a little less terrible, not reversing it," Harder notes. "The latest oil prices reflect that the storage part of this situation is getting more dire, and it will continue to do so."

Flashback: Global oil storage is "rapidly filling — exceeding 70% and approaching operating max," Steve Puckett, executive chairman of TRI-ZEN International, an energy consultancy, told CNBC this month.

Go deeper: A world locked down and drowning in oil

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
3 hours ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.