Oil prices recover ground after market turmoil fuels price plunge

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

After falling into negative territory for the first time in history amid record trading volumes, U.S. crude futures rose 20per cent as contracts for May delivery expired and the June contract became the front month.West Texas Intermediate was up US$2.05, or 18per cent, at US$13.62 a barrel by 0034 GMT.

"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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