8:06 AM · 21 May 2020

OIL.WTI soars by nearly 100%

The rally on the oil market continues unabated and OIL.WTI leads the charge. Prices are up again this Thursday, breaking $34. As recently as 28 April OIL.WTI traded at $17.50 so this marks a nearly 100% rally in less than a month! These gains were fueled by production cuts and demand recovery amid eased lockdowns. Yesterday’s data confirmed another decline in US oil inventories although it also pointed to somewhat weaker demand recovery.

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