Stocks extend rally, with the Dow now up 500 points
The West Texas Intermediate contract for June was up 19%, settling at $13.78 per barrel, after an earlier decline. Brent futures, meanwhile, were up 7.6% at $20.76 per barrel, recovering from a sharp overnight drop.
Energy stocks rose broadly amid oil’s surge. The sector gained over 3% as Halliburton traded 9.3% higher. Diamondback Energy and Noble Energy both gained more than 7%.
Crude seemed to get a jolt after President Donald Trump tweeted he had “instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea.”
Oil’s move higher comes after the May contract, which expired on Tuesday, traded at a negative price for the first time ever earlier in the week amid concerns over dwindling demand amid the coronavirus outbreak.
“The short term story in the market remains oil. Yet, this is much bigger than oil,” …continued .
[Source: CNBC News]