Oil prices in the United States rose on Wednesday after falling below zero for the first time at the beginning of the week as markets flooded crude oil due to the collapse in demand caused by the Coronavirus.
The US West Texas Intermediate index for June delivery jumped nearly 10 percent to $ 12.68 a barrel reducing its gains by about 20 percent at the opening of Asia.
West Texas Intermediate crude for May collapsed on Monday to an unprecedented low of less than $ 40.32 as traders rushed to sell it before the contract ended on Tuesday, but they found few buyers with storage capacity that quickly filled up.
Negative prices mean that traders were forced to pay to remove oil from their hands.
European benchmark Brent crude for June delivery rebounded by more than two percent at the open, but reversed its gains and was trading lower by nearly three percent, with a barrel trading at $ 18.73.

It decreased to at least 18 years the previous day.
Stephen Ennis, chief market strategist at AxiCorp said that traders are buying at bargain prices and markets have received support after discussions between the major producers.
Several OPEC member states, as well as some allies of the OPEC + group, held a conference call on Tuesday to discuss the dramatic situation in the oil markets.


But it was unclear whether the OPEC leadership Saudi Arabia had participated while the Russian Energy Minister had not.
The profits were taken after the OPEC + coalition held an unscheduled conference call overnight said, Ines.

The market is under intense pressure due to an increase in supply due to travel restrictions and restrictions worldwide to stop the spread of virus demand.
American crude oil has been particularly affected by storage problems as WTI is delivered at one internal point.

The crisis was exacerbated by a price war between Saudi Arabia and Russia. They drew a streak under conflict earlier this month and agreed along with other major producers to cut production by nearly 10 million barrels per day to support the virus-affected markets.
But that had little impact as prices continued to fall as analysts expected it would not offset the massive blow to demand.

Jingyi Pan IG market strategist predicted prices will remain low for now.

He said in a note publicly declining sentiments may keep prices low in the short term until we find the light at the end of the tunnel with the gradual resumption of stalled economic activities around the world.