The available oil storage capacity around the world is running thin as global oil demand continues to crumble amid lockdowns and travel restrictions in many countries.
Let's take a look at the winners and losers:
US crude prices bounced back into positive territory on Tuesday, a day after crashing below $0.00 for the first time owing to crippled demand and a storage glut.
West Texas Intermediate for May delivery was changing hands at $1.10 a barrel after diving to an unprecedented low of -$37.63 in New York as the pandemic brings the global economy, transport and factory activity to a halt.
(Photograph:Reuters)
The commodity rout sent Asian equities sharply lower.
Tokyo ended the morning 1.6 percent lower, while Hong Kong, Sydney, Seoul, Taipei and Manila were also more than one percent lower.
Shanghai and Singapore both shed 0.8 percent, and there were also losses in Jakarta and Wellington.
(Photograph:Reuters)