CNBC | A historic drop occurred on April 20, when the price of West Texas Intermediate crude dropped by almost 300%, trading at around negative $37 per barrel.
The price of oil has steadily recovered, jumping by nearly 90% in May and registered the best month on record for WTI. However, the petroleum industry is still reeling from the effects of the coronavirus pandemic. Major companies like Chevron, Exxon and ConocoPhillips have announced deep production cuts and Whiting Petroleum in April became the first major company in the industry to file for bankruptcy protection.
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