COVID-19 Response
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Oil futures nosedived on Wednesday as tensions between the U.S. and China grow

May 28, 2020
Recap: Oil futures nosedived on Wednesday as tensions between the U.S. and China grow and as some traders began to question Russia’s commitment to increasing production cuts. July WTI tumbled as much as 6% to a session low of $32.18 a barrel after U.S. President Donald Trump said ... Read More
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Oil prices were pushed higher after the May contract dipped into negative territory

May 27, 2020
Recap: Oil futures rose on Tuesday as market participants believed that improving demand and more supply coming off would ease the glut faster than expected. These factors, along with other economic curtailments have pushed oil prices higher after the May contract dipped into neg ... Read More
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Oil futures fell as much as 7% on Friday

May 26, 2020
Recap: Oil futures fell as much as 7% on Friday, after China’s top policy setting meeting didn’t set an annual economic growth target due to “great uncertainty” over the recovery from the coronavirus pandemic. This comes as tension between the U.S. and China heats up after U.S. P ... Read More
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This month, WTI has rallied 80%, while Brent climbed 43%.

May 22, 2020
Recap: Oil prices climbed on Thursday, holding near 10-week highs, supported by lower U.S. crude oil inventories, production cuts and recovering demand as governments ease restrictions imposed on people’s movements due to the coronavirus pandemic. So far this month, WTI has ralli ... Read More
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The EIA reported U.S. crude oil inventories fell by 5 million barrels for the week ending May 15

May 21, 2020
Recap: Oil futures climbed to their highest level in 10 weeks after the EIA reported U.S. crude oil inventories fell by 5 million barrels for the week ending May 15, marking the second straight week of declines. Both Brent and WTI rose more than 5% during the session, but gains w ... Read More
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Oil prices gained early in the session due to production cuts and signs of increasing demand

May 20, 2020
Recap: WTI settled higher on Tuesday as the June contract expired, with prices getting a boost from global production cuts, as demand improves. Oil prices gained early in the session due to production cuts and signs of increasing demand, however, a pullback ensued as a U.S. Senat ... Read More
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Crude oil prices surged to a two-month high on Monday

May 19, 2020
Recap: Crude oil prices surged to a two-month high on Monday, with June WTI trading at a high of $33.32, the highest level a spot contract traded since March 16. The rally was fueled by positive results for a Covid-19 vaccine, while major producers continue to hold back on output ... Read More
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The number of US oil and natural gas rigs operating fell to an all-time low for a second consecutive week

May 18, 2020
Recap: WTI traded higher on Friday, following through to the upside after yesterday’s strong gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade. Ju ... Read More
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WTI rose to its highest level in six weeks

May 15, 2020
Recap: WTI rose to its highest level in six weeks, on the back of recent pledges by OPEC and its allies to cut output, a surprise fall in U.S. crude oil stockpiles and as the IEA pointed to a tightening of supplies. Oil prices have been rising in recent days in response to Saudi ... Read More
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Prices fell as much as 3% on Wednesday

May 14, 2020
Recap: Oil futures slipped on Wednesday after failing to find support despite the surprise drop in U.S. crude oil stockpiles. Price fell as much as 3% as markets were also affected by the U.S. Federal Reserve Chairman warning that economic recovery from the coronavirus pandemic w ... Read More
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