SEOUL (Reuters) – U.S. oil prices recovered on Tuesday to trade in positive territory after sinking below $0 for the first time ever, but international benchmark Brent dipped as demand for crude slumps amid the coronavirus pandemic.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
U.S. West Texas Intermediate (WTI) crude for May delivery CLc1 was up $39.00 in thin trade at $1.37 a barrel by 0356 GMT after settling down at a discount of $37.63 a barrel in the previous session.
The May contract expires on Tuesday and the more-active June contract CLc2 rose 96 cents, or 4.7%, to $21.39 a barrel.
Global benchmark Brent crude for June delivery LCo1 was down 20 cents, or 0.8%, at $25.37 per barrel.
“Demand destruction from COVID-19 will see a slower than expected reopening of the U.S. economy,” s