Oil rebounds to US$14 after sell-offs
Oil prices plunged more than 21% at one point yesterday after the US Oil Fund started selling its short-term contracts of the commodity. – EPA pic, April 29, 2020.
US oil prices rebounded above US$14 a barrel today, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns. West Texas Intermediate , the US benchmark, for June delivery jumped 14.5% to US$14.13 a barrel in Asian morning trade.
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