West Texas Intermediate oil jumps for June delivery gained $1.16 to $12.73 a barrel at 6:04 p.m. in New York. That stemmed a massive selloff over the past two days that took the May contract below zero.
Oil surged 10% in early Asia trading after two days of historic routs.
A relentless rout this year has shifted the entire forward curve for oil, after the Covid-19 pandemic caused demand to crater, forming a huge global glut.
Trump directs Mnuchin, Energy secretary to create plan to support oil, gas industries as selloff deepens
Trump is bailing out US Oil and Gas Industry
President Donald Trump on Tuesday ordered Energy Secretary Dan Brouillette and Treasury Secretary Steven Mnuchin to put together a plan to get funding to the struggling U.S. oil and gas industry.
Trump’s promise that he will “will never let the great U.S. Oil & Gas Industry down” came as West Texas Intermediate crude futures continued trading with a negative price, a day after falling below zero for the first time ever.
The oil and gas industry has seen a historic sell-off amid the coronavirus pandemic.