US oil prices jumps to $13 a from minus $40 as storage ran out

OIL SHOCKS: Smoke rises from the LyondellBasell-Houston Refining plant in Houston, Texas, on April 20, 2020.

AFP – US oil prices surged Wednesday after a turbulent start to the week that saw them fall below zero for the first time due to a coronavirus-triggered demand shock.

US benchmark West Texas Intermediate for June delivery rose 18.93 percent to $13.76 a barrel, after suffering heavy falls in New York overnight.

WTI for May delivery on Monday collapsed to an unprecedented low of minus $40.32 as traders scrambled to sell it before the contract expired Tuesday, but could find few buyers with storage capacity fast filling up.

European benchmark Brent crude for June delivery was up 0.98 percent at $19.52 a barrel, after tumbling to an 18-year low the previous day.

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