Crude Oil Futures Update – 29Apr2020

Crude Oil WTI June 2020 (NYMEX)

WTI Crude Oil contracts for June (CLM20) gained nearly 30% intraday today to move above $16 per barrel, but by end of the day, the prices settled near $15 per barrel.

Closing Price: $15.35 up +24.64%

Today’s rise came on hopes that the gradual reopening of some European economies would revive demand, and revive crude oil from the demand collapse in fuel consumption due to the coronavirus pandemic. In addition, the EIA reported a smaller than expected crude inventory build up. Brent crude, the international benchmark, moved above $23 per barrel, and close at $22.50 per barrel.

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