https://sputniknews.com/20200422/us-oil-futures-for-june-up-over-10-trading-at-more-than-1-per-barrel-1079055916.html
US Oil Futures for June Up Over 15%, Trading at More Than $2 Per Barrel
US Oil Futures for June Up Over 15%, Trading at More Than $2 Per Barrel
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... 22.04.2020, Sputnik International
2020-04-22T12:48+0000
2020-04-22T12:48+0000
2020-04-22T13:17+0000
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US Oil Futures for June Up Over 15%, Trading at More Than $2 Per Barrel
12:48 GMT 22.04.2020 (Updated: 13:17 GMT 22.04.2020) 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.
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.
