US oil prices jump after massive rout
[SINGAPORE] US oil prices surged on Wednesday after a turbulent start to the week that saw them fall below zero for the first time due to a coronavirus-triggered demand shock.
US benchmark West Texas Intermediate for June delivery rose 18.93 per cent to US$13.76 a barrel, after suffering heavy falls in New York overnight.
WTI for May delivery on Monday collapsed to an unprecedented low of minus US$40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up.
European benchmark Brent crude for June delivery was up 0.98 per cent at US$19.52 a barrel, after tumbling to an 18-year low the previous day.
AFP
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold trades in tight range as market focuses on US economic data
Anglo American says it received unsolicited buyout proposal from BHP
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb
Oil rises as dollar slips, focus shifts to economic data