Oil Recovers After Furious Selloff But Still Struggles With Glut
- West Texas Intermediate rebounds after plunging below zero
- U.S. gasoline demand at record low; crude build at 3-year high
This article is for subscribers only.
Oil recovered from a 21-year low, bucking two days of frenzied selling, but a global supply glut continues to loom over the market.
Brent futures for June delivery closed 5% higher after slumping as much as 17% earlier in the day. West Texas Intermediate crude also gained in New York, ending the day 19% higher following an unprecedented plunge into negative territory on Monday. The market, already inundated with bearish signals, shrugged off a U.S. government report showing that the four-week average for American petroleum demand was at a record low last week while crude stockpiles were at a three-year high.