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.
S 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 crude for June delivery was up 49 cents, or 1.9 per cent, at $26.06 per barrel.
