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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.

An oil tanker anchored in the Pacific Ocean.

Photographer: Patrick T. Fallon/Bloomberg
Updated on

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.