Oil extended gains Thursday after a massive rebound overnight, but prices remain under pressure as the coronavirus strangles demand and storage facilities fill up.
US benchmark West Texas Intermediate was up 3.5 per cent at $14.27 a barrel while international benchmark Brent crude was up 2.60 per cent at $20.90 a barrel in early Asian trade.
Markets were relatively calm compared to the rollercoaster sessions earlier in the week, which saw US crude fall into negative territory for the first time.
Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter demand, and storage facilities are overwhelmed by excess supply.
