Oil Jumps in Early Asia Trading After Two Days of Huge Selloffs
A Colgate Energy LLC oil drilling rig stands in Reeves County, Texas, U.S. (Photographer: Callaghan O’Hare/Bloomberg)

Oil Jumps in Early Asia Trading After Two Days of Huge Selloffs

(Bloomberg) -- Oil surged 10% in early Asia trading after two days of historic routs.

West Texas Intermediate 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. 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.

©2020 Bloomberg L.P.

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