Oil jumps 19%, clawing back some of the recent losses
Oil jumped 40% at the high on Wednesday, recovering from early losses in a volatile overnight trading session that saw international benchmark Brent crude fall to its lowest level in more than 20 years.
West Texas Intermediate for June delivery rose $2.21, or 19.1%, to settle at $13.78 per barrel. Earlier in the session WTI, the U.S. benchmark, had traded as low as $10.26, before jumping more than 40% to hit a session high of $16.20. Brent crude settled $1.04, or 5.38%, higher at $20.37, after previously breaking below $16.
Given oil’s more than 70% decline this year a smaller gain, of course, now accounts for a much larger percentage move. At the beginning of the year WTI fetched more than $60 per barrel, but the fall-off in demand caused by the coronavirus pandemic has sent prices tumbling.