US oil prices rebounded above $14 a barrel Wednesday, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid coronavirus-triggered storage concerns.
West Texas Intermediate, the US benchmark, for June delivery jumped 14.5 percent to $14.13 a barrel in Asian morning trade.
It had plunged by more than 21 percent at one point Tuesday after the United States Oil Fund — a major US exchange-traded fund (ETF) — started selling its short-term contracts of the commodity.
Brent crude, the international benchmark, was trading 3.27 percent higher at $21.13 a barrel.
Traders “are bargain hunting after a couple of days of massive sell-offs”, OANDA senior market analyst Jeffrey Halley told AFP.
