Petrol demand has risen unexpectedly possibly because most public transport is still off roads and private vehicles are being used for commuting.
On the NYMEX, the July delivery contract of WTI is currently trading at $34.33 per barrel, higher by 2.51 per cent from the previous close.
OPEC and its allies led by Russia had last month agreed to reduce output by 9.7 million barrels per day (bpd) for May and June.
The June contract of Brent on the Intercontinental Exchange (ICE) was at $24.25 per barrel, higher by 7.59 per cent
The mayhem in the oil market meant that by the time crude oil is processed and converted into fuel, the rates have fallen, resulting in inventory losses.
Low oil prices 'have a positive impact on China,' said the ruling Communist Party’s Political and Legal Commission on its social media account.
While countries like Saudi Arabia, Russia and the US are large enough to manage the crisis, many smaller exporters in Africa and west Asia may be faced with an acute cash crunch this year.
The rupee opened weak at 76.86 at the interbank forex market and then fell further to an all-time low of 76.88 during the day.
ONGC asks government to waive cess, royalty as falling oil prices not enough to cover operating cost
ONGC, sources said, has asked the government to abolish oil development cess if price realized by producers is less than USD 45 per barrel.
The negative prices meant that traders were forced to pay to have the crude taken off their hands.
Many analysts saw Monday's prices as limited to the peculiar nature of some contracts, but Tuesday's drop signaled the industry is in for a prolonged, widespread challenge.
The OPEC+ group of major producers last week agreed record production cuts of 9.7 million bpd to prop up prices that had shed more than 60 percent as the COVID illness shut down businesses worldwide.
Congress leader Rahul Gandhi asked when would this government listen and reduce the prices of petrol and diesel.
IndusInd Bank was the top laggard in the Sensex pack, sinking over 12 per cent, followed by Bajaj Finance, ICICI Bank, Axis Bank, M&M, Tata Steel, ONGC and Maruti.
Brent crude, the international benchmark, was changing hands at $25.61 a barrel for June delivery, up 0.15 percent