West Texas Intermediate (WTI) crude rebounded on Thursday, gaining up to 20 percent in price, according to trade data. The oil brand reached $16.6 per barrel, while Brent was trading at $21.99 per barrel.
Oil prices hit their lowest point in more than 20 years last week due to shrinking demand. The drop occurred despite OPEC+ members, along with several other oil-exporting nations, agreeing on 12 April to reduce global output between 2020 and 2022.
Addressing the ongoing crisis, US President Donald Trump ordered to fill the oil storages in the country, also directing his administration to devise a plan to save the American petroleum industry.
In the meantime, there is no information about the possibility of restrictions being lifted in the US, Britain, Spain, Italy, Germany, or other countries among the worst-hit in the pandemic. At present, there are over 2,600,000 confirmed COVID-19 cases around the world, according to Johns Hopkins University, including at least 842,000 in the US.