World
Oil Extends Recovery on Optimism Supply Cuts Will Trim Glut
- Brent tops $30 a barrel for the first time since April 15
- WTI rises 20% to its highest price in almost a month
An oil tanker anchored in the Pacific Ocean.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Oil’s recovery from last month’s epic plunge accelerated as production cuts start to whittle down a supply glut and more economies ease their coronavirus lockdowns.
Futures rose for a fifth day, surging 20% in New York Tuesday to close above $24 -- its highest price in almost a month -- while Brent topped $30 a barrel during the session for the first time since April 15.