<\/p>\n
US oil prices rebounded above $ 14 a barrel on Wednesday, the day after a sell-off triggered by a major fund selling its short-term holdings of the product amid storage worries caused by viruses. .<\/p>\n
West Texas Intermediate, the US benchmark. For June delivery, it rose 14.5 percent to $ 14.13 a barrel in the Asian morning trade.<\/p>\n
It had plunged more than 21pc at one point on Tuesday after the United States Petroleum Fund, a major exchange-traded fund (ETF), began selling its short-term contracts for the product.<\/p>\n
Brent crude, the international benchmark, was trading 3.27pc higher at $ 21.13 per barrel.<\/p>\n
Traders "are looking for bargains after a couple of days of mass sales," said Jeffrey Halley, senior market analyst at OANDA. AFP<\/em>.<\/p>\n ANZ Bank said in a note that the market was hit by volatility on Tuesday "as ETFs and index funds moved contract positions amid renewed negative price concerns" on short-term holdings.<\/p>\n The Oil Fund had sold its contracts that would expire in June to move to older properties amid fears that storage space will be depleted in the short term.<\/p>\n Following the movement of US ETFs. Standard & Poor's also told clients to sell their stakes in the June contracts and move them to July, ANZ said.<\/p>\n S&P operates the GSCI commodity index, which is followed by pension funds and other large investors. Other indices, including the Bloomberg Commodity Index, took similar steps.<\/p>\n Oil prices have fallen to record lows this month, with WTI dropping below zero for the first time when governments around the world closed businesses and air travel stopped due to the virus.<\/p>\n Read: Questions and Answers: Oil prices turn negative. What does that mean?<\/em><\/p>\n An agreement between major oil-producing nations to cut production by 10 million barrels per day since May 1 has done little to calm the market.<\/p>\n The production cuts "will probably take weeks to appear on the physical market, therefore we are still stuck with inventory problems that will continue to curb any appearance of bullish appetite," said AxiCorp global market strategist Stephen Innes.<\/p>\n<\/p><\/div>\n<\/pre>\n<\/pre>\n \nSource: https:\/\/www.dawn.com\/news\/1553137\/us-oil-rebounds-above-14-after-massive-sell-off<\/p>","protected":false},"excerpt":{"rendered":" US oil prices rebounded above $ 14 a barrel on Wednesday, the day after a sell-off triggered by a major fund selling its short-term holdings of the product amid storage worries caused by viruses. . West Texas Intermediate, the US benchmark. For June delivery, it rose 14.5 percent to $ 14.13 a barrel in the […]<\/p>\n","protected":false},"author":1,"featured_media":16490,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/umang.pk\/en_us\/wp-json\/wp\/v2\/posts\/16489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/umang.pk\/en_us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/umang.pk\/en_us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/umang.pk\/en_us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/umang.pk\/en_us\/wp-json\/wp\/v2\/comments?post=16489"}],"version-history":[{"count":0,"href":"https:\/\/umang.pk\/en_us\/wp-json\/wp\/v2\/posts\/16489\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/umang.pk\/en_us\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/umang.pk\/en_us\/wp-json\/wp\/v2\/media?parent=16489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/umang.pk\/en_us\/wp-json\/wp\/v2\/categories?post=16489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/umang.pk\/en_us\/wp-json\/wp\/v2\/tags?post=16489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}