Respite for oil as prices jump following market turmoil

TOKYO: Oil prices found some respite on Wednesday as US oil futures rose more than 20% and Brent prices steadied after a two-day price plunge, as markets struggle with a massive crude glut amid the coronavirus outbreak.

“Global markets are struggling mightily with a temporary but overwhelming demand drop due to the coronavirus pandemic,” said Stephen Innes, global markets strategist at AxiCorp, warning that prices could tumble further as storage fills up.

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Negative US$40 oil reflects panic ― and US crude market economic reality | Malay MailNEW YORK, April 21 ― Traders desperate to avoid owning oil fled the markets yesterday, sending crude futures into negative territory for the first time ever, in recognition that the coronavirus pandemic has sapped demand for fuel and there is not enough storage for the massive glut of oil present...
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