Prices increased by more than 5% on Friday.
Oil prices increased nearly 90% in May and more than 5% on Friday, boosted by anticipation of improved demand and aided by drastic supply cuts — after shockwaves from the coronavirus pandemic sent the oil market tumbling earlier this year.... [+]
after the price for crude plunged into negative territory for the first time in history on April 20. - Although oil prices have stabilized somewhat since the unprecedented dive, the world remains in the throes of a glut of crude oil caused by a precipitous fall in demand due to the global coronavirus pandemic coupled with a lack of storage capacity for crude already in transit or still being produced. The U.S.
Still, experts caution reading too much into the monthly record as WTI is still around 46% below its January high of $65.65 per barrel; For the year, oil is down nearly 41% overall. “It certainly doesn’t feel like it was oil’s best month ever,” Regina Mayor, KPMG’s global head of energy,In April, the demand for oil plummeted by its steepest downturn on record as much of the world went under lockdown in an effort to slow the spread of the virus.for the first time in history — meaning companies were paying traders to take oil off their hands.
Since then, a global glut of crude has eased and demand has slowly begun to increase, fueled, in part, by consumers“The oil market is finally coming to a balance soon,” with supply expected to match demand, Bjørnar Tonhaugen, head of oil markets for consulting firm Rystad Energy,
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