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Oil prices recover some ground as market grapples with massive crude glut

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TOKYO (REUTERS) - Oil prices found some respite on Wednesday (April 22) as US oil futures rose more than 20 per cent and Brent prices steadied after a two-day price plunge, as markets struggle with a massive crude glut amid the coronavirus outbreak.. Read more at straitstimes.com.

TOKYO - Oil prices found some respite on Wednesday as US oil futures rose more than 20 per cent 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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