Oil prices begin recovery amid pressure to finance the struggling industry

THE HILL | Oil prices rose nearly 20 percent Wednesday, a sign of a stabilizing market after trading went into negative pricing for the first time in history at the start of the week.

West Texas Intermediate settled at $13.78 per barrel, up from around $11 Tuesday.

Those prices are a remarkable jump from Monday, when oil traded as low as negative $40 a barrel. The negative prices were caused by a drastic 30 percent cut in the demand for fuel that left companies effectively paying others to store their crude.


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