Oil prices found some respite on Wednesday as U.S. 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.
After falling into negative territory for the first time in history amid record trading volumes, U.S. crude futures rose 20% as contracts for May delivery expired and the June contract became the front month, Reuters said.
West Texas Intermediate CLc1 was up $2.05, or 18%, at $13.62 a barrel by 0034 GMT.
Brent crude LCOc1, which settled down 24% in the previous session, was up 4 cents at $19.37 a barrel after rising more than $1 earlier.
Oil prices have slumped over 70% this year as the coronavirus has slashed demand for everything from jet fuel to gasoline, while storage tanks around the globe are filling rapidly.