The price of West Texas Intermediate has been rising from the lows, trading above $12, some $2, or 20% off the lows. The black gold is carried higher despite massive oversupply.
OPEC’s April oil supply surged to the highest since December 2018, as most of the world was already in lockdown. While members pledged to sharply slash output, it may be insufficient to support crude prices beyond temporary surges such as the one seen now.
The market mood has been improving, with stocks on the rise and the safe-haven dollar coming under pressure. S&P futures are pointing to the upside.
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