After months of sagging demand and wild swings in prices that at one point fell below 0, oil has now seen 5 straight days of gains as economies slowly reopen and traders bet on a comeback by theothersarahh
U.S. oil prices jumped nearly 20% on Tuesday, with the June futures contract for West Texas Intermediate crude reaching $24.56 on its fifth straight day of gains. for the first time in history as demand cratered and storage space filled up.
Brent crude, the international benchmark, saw a bump of almost 14% on Tuesday and settled at $30.97 per barrel. Prices are responding to a slow uptick in demand: As some states and cities take cautious steps towards reopening, and as Europe and China return to work, investors are optimistic that restrictions on travel and movement will continue to ease.
At the same time, global oil production is dropping thanks to a deal between OPEC and its allies last month to reduce collective output by some 10 million barrels per day. Some American producers have also taken steps to slow down production; last month, ConocoPhillips said it would cut“The reopening of economies has injected a degree of cautious optimism back into an oil market that plunged to historic lows only weeks ago,” RBC analyst Michael Tran
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