Oil rebounds, but gains capped by virus worries
Oil prices rebounded Wednesday but gains were capped due to concerns about a collapse in demand due to the coronavirus pandemic and storage capacity running low.
US benchmark West Texas Intermediate (WTI) for June delivery was up 8.35 percent at $13.37 a barrel in early Asian trade.
It had plunged by more than 21 percent at one point Tuesday after a major US exchange-traded fund (ETF) started selling its short-term contracts of the commodity.
Brent crude, the international benchmark, was trading 1.81 percent higher at $20.83 a barrel.
