, at $26.74 per barrel. Contracts for June delivery have more than doubled from late-April lows as global demand has slowly recovered and producers have raised official selling prices. WTI erased gains later in the day and slid roughly 3%, while international benchmark Brent crude fell about 2%.
The oil market now sits at an inflection point after weeks of turbulent trading and historically low prices, analysts at JPMorgan said Thursday. The bank forecasted demand will sharply reboundRBC explains how gold could surge 9% to a record high, even as stocks climb — a scenario that would shatter how investors have thought about the commodity for decades
"Energy traders don't want to be caught short oil anymore and if the headlines remain positive for both the demand and supply side, prices should continue to rise," said Ed Moya, senior market analyst at OANDA. Investor hopes were also lifted by news that US and Chinese trade officials would meet as soon as next week. Tensions between the two economic superpowers flared earlier in the week after President Donald Trump and Secretary of State Mike Pompeo suggested that the coronavirus originated in a lab in China. Chinese state media fired back, calling Pompeo"evil."
Wait til we see Q2.
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