After historic crash, US oil claws back into positive territory
SINGAPORE/WASHINGTON : US crude oil bounced back into positive territory on Tuesday, after a historic plunge below zero that shocked investors and pushed down stock prices and Asian currencies.
Futures for May delivery of West Texas Intermediate rose nearly $39 but were still just $1.76 a barrel, after a storage squeeze and collapsing fuel demand crushed prices to eye-popping lows.
The contract expires at the end of trade on Tuesday, which is pushing investors to clear them from their books at any price, and June prices at $22 per barrel point to some relief.
