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Respite for oil as prices jump following market turmoil

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US crude futures rise 20% after falling into negative territory for the first time. FMTNews OilMarket Crude Brent

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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