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.
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