WTI June futures gain the fresh bids from the intraday low

 of $10.64 while rising to $11.25, down $12.00 on a day, during the pre-European session on Tuesday. Although dwindling demand-supply matrix, amid the coronavirus (COVID-19) crisis, keep a lid on the black gold, the recent positive comments from MIS (Moody’s Investors Service) seem to put a floor beneath the commodity’s declines.

It should also be noted that the news suggesting the US producer’s storage crisis, as well as negative prices of the put options for WTI’s June contract, have also exerted downside pressure on the oil prices during the Asian session.

US President Donald Trump cited upbeat conditions to restart the economy while also alleging China for the virus spread. On the other hand, easing lockdowns in Australia and New Zealand have also played their roles to direct risk moves.