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The causes of the fall in the price of oil 0:51
(CNN) - US oil prices are back in positive territory on Tuesday after a surprising collapse on Monday that saw prices drop below zero, operating at the lowest level since NYMEX opened futures trading at 1983.
READ: No, oil in the US below US $ 0 does not mean that the service station will pay you to fill the gas tank
US oil futures They rebounded more than 100%, although it traded at only US $ 1.65 per barrel. The May contract for West Texas International, which expires on Tuesday, ended on Monday at minus $ 37.63 a barrel.
Meet the top 5 oil producers 1:11The June contract, which is now more actively traded, rose 4.5% to $ 21.35 a barrel during trading hours in Asia, still a worryingly low price.
READ: The worst day: US oil ends at $ -37 (yes, that's a negative number)
The coronavirus pandemic has caused the demand for oil to decline so rapidly that the world is running out of space to store barrels. At the same time, Russia and Saudi Arabia flooded the world with oversupply. Analysts also attributed Monday's drop to hectic last-minute transactions due to the rapid expiration of the May contract.
Historic collapse of Texas crude 3:53"Regardless of what OPEC does, there will be a structural loss in oil demand due to fewer trips," Stephen Innes, chief global markets strategist, wrote in AxiCorp in a research note on Tuesday.
READ: Apocalyptic scenario: the effect of the collapse in oil prices on US companies
"At a minimum, oil prices will be the last asset class to recover from the blockade."
On Tuesday, futures for Brent crude, the global benchmark, moved slightly lower, at $ 25.39 a barrel.