WTI crude oil futures have gained over 20% early on Wednesday after the sudden crash in Monday, offering much needed relief to oil traders, even though oversupply concerns dominate in markets. At the time of writing, WTI crude oil is trading at around $11.35 per barrel.

So far this year, crude oil prices have lost around 70% of their value amid rising fears of the coronavirus pandemic significantly reducing oil demand as lockdowns and travel restrictions get extended in several countries. Earlier this week, US oil crashed below $0 over worries of oil storage facilities nearing full capacity in the US amid weakening demand.

Crude oil prices received some support during the previous session after the US Senate passed the plan for $500 billion worth of financial aid for the economy and hospitals struggling in the wake of the coronavirus crisis. Amid falling oil prices, US President Donald Trump suggested that he would consider stopping oil imports from Saudi Arabia to protect business interests of US oil producers.