US Oil Futures for June Up Over 15%, Trading at More Than $2 Per Barrel

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The markets collapsed due to strict quarantine measures and global economic decline, which caused a sharp plunge in oil demand earlier this month. West Texas Intermediate (WTI) futures even hit negative prices last week for the first time in history - only for this to be repeated once more.

Oil prices rebounded on Wednesday after a major decline, with futures for June gaining over 15 percent in value, according to market data. Brent crude, which fell 24% in the previous session and reached its lowest point in over 20 years, had recovered to $19.72, up 39 cents or 2%, by 12:25 GMT. At the same time, US West Texas Intermediate was up 9 cents, or 0.8%, at $11.66. per barrel.

© REUTERS / DADO RUVICA 3D-printed oil pump jack is seen in front of a displayed stock graph and "$0 Barrel" words in this illustration picture, April 20, 2020
US Oil Futures for June Up Over 15%, Trading at More Than $2 Per Barrel - Sputnik International
A 3D-printed oil pump jack is seen in front of a displayed stock graph and "$0 Barrel" words in this illustration picture, April 20, 2020

Following the downturn, the Dow Jones index lost over 1,200 points in a week, reaching 23,018.88 on Tuesday.

Addressing the crisis, US President Donald Trump ordered oil to be bought for the country's reserves, also urging the Treasury and Energy Departments to devise a plan to save the American petroleum industry.

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