Crude oil just had its biggest day in 7 years
Crude oil just had its biggest day in seven years.
On Friday, West Texas Intermediate crude futures in New York surged 12% to $29.44 per barrel, its biggest intraday percentage gain since February 2009.
On Thursday, WTI fell to a 12-year low of $26.21. Prices had been declining earlier in the week after the International Energy Agency warned that the excess of supply over demand was set to worsen.
But prices started rebounding Thursday after a Wall Street Journal reporter tweeted that OPEC was willing to cooperate on production cuts, according to the UAE energy minister.
And so like we saw after similar comments from Russia's oil minister late last month, crude oil prices are still proving sensitive to any indications that the global supply glut could be addressed.
On Friday, oil driller Baker Hughes reported that the US oil rig count fell for an eighth straight week, signaling that perhaps US shale oil production could be set to slow.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check
- Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499
- 8 Fun things to do in Kasol
- SC rejects pleas seeking cross-verification of votes cast using EVMs with VVPAT
- Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh