US oil prices jump after massive rout

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.

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.

A fuel tanker is seen driving into the Vopak Terminal at the Port of Los Angeles, Wilmington, California, US. (Bloomberg)

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.

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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.

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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.