Oil prices have bounced back after suffering an all-time low when it traded in negative numbers and below zero(0). The WTI is now trading well above $14pb which is a 14.4% increase while Brent is currently trading above $21.13pb which is a 3.27% increase. This increase in price is coming a day after sell-off provoked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns.
On Wednesday, April 29, the West Texas Intermediate, the US benchmark, for June delivery jumped 14.5 per cent to $14.13 a barrel in Asian morning trade. It had plunged by more than 21 per cent at one point Tuesday after the United States Oil Fund a major US exchange-traded fund (ETF), started selling its short-term contracts of the commodity.
Brent crude, the international benchmark, was trading 3.27% higher at $21.13 a barrel. Traders "are bargain hunting after a couple of days of massive sell-offs", OANDA senior market analyst Jeffrey Halley told AFP.
AFP
