U.S. crude futures bounce after record slump, Brent falls

U.S. crude futures bounce after record slump, Brent falls

U.S. oil prices recovered its losses on Tuesday, while Brent slid as the coronavirus crisis furthers demand slump.

U.S. WTI crude for May delivery rose $1.36, at $38.99 per barrel. The June contract gained 4.6%, or 94 cents, at $21.37 per barrel.

International benchmark Brent crude for June delivery fell 1.9%, or 48 cents, at $25.09 per barrel.

Global oil demand has dropped 30% due to lockdowns and travel restrictions.

On Monday, President Donald Trump said that the government was considering stopping crude oil imports from Saudi Arabia to support the U.S. drilling industry.

U.S. crude inventories were forecasted to increase 16.1 million barrels by April 17 after reporting its record one-week build. Gasoline stocks were anticipated to rise by 3.7 million barrels.

Meanwhile, the 9.7 million bpd production cut agreed by OPEC+ is set to materialize by May.

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