Oil rallies on faster output cuts to offset virus-induced falloff in demand - Reuters:
Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic.
Crude prices have had one of their most tumultuous weeks ever. U.S. West Texas Intermediate crude futures (WTI) CLc1 closed at negative $37.63 a barrel on Monday, in the worst sell-off for that contract in history. Global benchmark Brent crude LCOc1 was slammed on Tuesday, hitting a two-decade low before rebounding.
Since the start of the year both benchmarks have lost more than two-thirds of their value. Fuel demand is down about 30% worldwide in April and supply will outstrip demand for months to come due to the pandemic.
Brent rose 96 cents, or 4.7%, to settle at $21.33 a barrel, while WTI jumped $2.72, or 19.7%, to settle at $16.50.
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