US oil rebounds, back in positive territory at US$0.56 a barrel

By AFP - April 21, 2020 @ 9:22am

SINGAPORE: US oil prices rebounded back above zero Tuesday, a day after futures ended in negative territory for the first time as a coronavirus-triggered collapse in demand leaves the world awash in crude.

US benchmark West Texas Intermediate for May delivery was changing hands at US$0.56 a barrel after closing at -US$37.63 in New York.

Space is scarce to store oil amid the current glut, meaning there have been few buyers for the commodity.

The May WTI contract closes Tuesday, and the contract for June delivery is now more actively traded. That enjoyed a modest increase Tuesday after heavy falls a day earlier, rising to above US$21 a barrel.--AFP