Crude Posts Best Quarter Since 1990 After Historic Price Crash
- Futures in New York almost doubled in value since end of March
- Still, spike in U.S. virus cases threatens a true recovery
The Well-Safe Guardian plug and abandonment rig, operated by Well-Safe Solutions Ltd, stands in the Port of Cromarty Firth during sunrise in Cromarty, U.K.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Oil posted its best quarter in nearly 30 years, bouncing back from this year’s historic price crash.
Futures in New York surged 92% in the three months through June 30th following crude’s worst quarter on record, buoyed by OPEC+ production cuts and rebounding oil consumption in post-lockdown China. The market’s climb from negative territory in April has been swift but bumpy, with the U.S. benchmark struggling to hold above $40 a barrel amid a stubborn supply glut and a resurgence of Covid-19 cases that’s darkened the demand outlook.