21:02 GMT20 October 2020
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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.

    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
    © REUTERS / DADO RUVIC
    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.

    Tags:
    oil futures, futures, Crude oil, Crude, Oil, Oil
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