European markets are set to open lower Tuesday as investor concerns over the coronavirus outbreak continue and oil market volatility remains in focus.
Investors in Europe remain focused on coronavirus developments as economies in the region tentatively start to lift lockdowns, butWest Texas Intermediate crude futures for May delivery turned positive in overnight trading,. The contract in question is set to expire on Tuesday, fueling Monday's 100% wipeout.
The May contract traded at $1.17 a barrel, after earlier trading at negative $14.04 a barrel, meaning traders would effectively pay to have the oil taken off their hands. But in early Asian trading hours on Tuesday, the price of the May WTI contract returned to positive territory, trading at $1.35 a barrel. The June U.S. crude contract gained 3.23% to $21.09 a barrel. International benchmark
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