June 20, 2021
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US Oil Prices Rebound, Turn Positive After Crashing To Record Low

US benchmark West Texas Intermediate for May delivery was changing hands at USD 0.56 a barrel after closing at - USD 37.63 in New York.

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US Oil Prices Rebound, Turn Positive After Crashing To Record Low
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US Oil Prices Rebound, Turn Positive After Crashing To Record Low
outlookindia.com
2020-04-21T08:08:51+05:30

US oil prices rebounded back above zero on Tuesday, a day after futures ended in negative territory for the first time as a coronavirus-triggered collapse in demand leaves the world awash in crude.

US benchmark West Texas Intermediate for May delivery was changing hands at USD 0.56 a barrel after closing at - USD 37.63 in New York.

Space is scarce to store oil amid the current glut, meaning there have been few buyers for the commodity.

The May WTI contract closes on Tuesday, and the contract for June delivery is now more actively traded. That enjoyed a modest increase on Tuesday after heavy falls a day earlier, rising to above USD 21 a barrel.

After the oil prices crashed on Monday, US President Donald Trump the country would take advantage of the historic drop to buy 75 million barrels to replenish the national strategic stockpile.

"We are filling up our national petroleum reserves... You know, the strategic reserves. And we are looking to put as much as 75 million barrels into the reserves themselves," Trump told reporters at his daily coronavirus press conference.


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