Oil price soars on faster output cuts

Brent rose 96 cents, or 4.7%, to settle at $21.33 a barrel, while WTI jumped $2.72, or 19.7%, to settle at $16.50.

NEW YORK: Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic.

Crude prices have had one of their most tumultuous weeks ever. U.S. West Texas Intermediate crude futures (WTI) closed at negative US$37.63 a barrel on Monday, in the worst sell-off for that contract in history. Global benchmark Brent crude was slammed on Tuesday, hitting a two-decade low before rebounding.