On Wednesday Brent rose $1.04, or 5.4%, to settle at $20.37 a barrel. Earlier in the session, the global benchmark fell to $15.98, its lowest level since June 1999. U.S. West Texas Intermediate (WTI) crude futures for June delivery gained US$2.21, or 19.1%, to settle at $13.78 a barrel.
NEW YORK: Brent crude oil rebounded from two days of losses and U.S. futures surged on Wednesday, bolstered by tentative talk of additional supply cuts from OPEC producers and U.S. inventory builds that were less dire than some expected.
Oil trading has been more volatile than ever in recent days. The market is overwhelmed by a growing supply glut as demand craters amid governments orders for people to stay at home in order to stop the spread of the coronavirus.
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