Oil prices jumped again Thursday as the Street hopes for ongoing production cuts in the face of a coronavirus-induced demand loss.
— one of its best days on record. In just two days, from Tuesday's settle price of $11.57 to Thursday's session high of $18.15, WTI has gained 57%.Iranian gunboats that harass American shipsThere was also optimism in the market that with oil prices at historic lows, producers will continue to scale back on production and shut-in wells.
, as storage facilities filled up. The May contract was about to expire and therefore was thinly traded, but the move was nonetheless notable. As the June WTI contract nears expiration on May 19, some are warning that it could plunge in the same way that the May contract did. Data from the U.S. Energy Information Administration on Wednesday showed that storage in Cushing, Oklahoma — the hub for WTI delivery —Traders say this will lead to natural shut-ins since there will soon be nowhere for oil to go.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street tumbles as oil crash adds to pandemic fearsWall Street tumbled for a second straight day on Tuesday as a collapse in U.S. oil prices and glum forecasts by companies worsened fears of a deep economic downturn.
Read more »
Wall Street surges as Congress preps more stimulus and oil bounces backWall Street surged on Wednesday as oil prices recovered and Congress looked on course to approve nearly $500 billion more in aid to help small businesses ride out the coronavirus crisis.
Read more »
Stocks open slightly higher on Wall Street, crude oil risesNEW YORK (AP) — Stocks opened slightly higher Thursday, even after the government said 4.4 million more workers filed for unemployment benefits last week as layoffs sweep the economy. The S&P 500...
Read more »
Asia stocks set to rise after Wall Street gains on oil reboundAsian equity markets were poised to edge higher on Thursday after rebounding crude prices and the promise of more U.S. government aid to ease the economic pain inflicted by the coronavirus crisis helped calm global equity markets.
Read more »
Wall Street tumbles as oil crash stirs pandemic fearsWall Street tumbled for a second straight day on Tuesday as a collapse in U.S. oil prices and glum forecasts by companies worsened fears of a deep economic downturn.
Read more »