Business Standard

Crude oil edges above $0 per barrel, recovers after record wipeout

US crude oil futures collapsed below $0 on Monday, for the first time in history, ending the day at a stunning minus $37.63 a barrel amid coronavirus-induced supply glut

crude oil
Premium

Donald Trump on Monday said that he is planning to add as much as 75 million barrels of oil to the nation's strategic petroleum reserve as the oil prices crashed due to the coronavirus pandemic

Agencies
Oil prices rebounded on Tuesday, with US crude turning positive after having traded below $0 for the first time ever, but gains were capped amid unresolved concerns about how the market would cope with fuel demand decimated by the coronavirus pandemic.
US West Texas Intermediate (WTI) crude for May delivery rose $38.73 to $1.10 a barrel by 0117 GMT after settling down at a discount of $37.63 a barrel in the previous session.
The May contract expires on Tuesday, while the June contract, which is more actively traded, jumped $1.72 cents, or 8.4 per cent, to $22.15 a barrel. Global benchmark Brent

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in