Three factors driving oil’s dramatic rebound

FORBES | Oil prices have come a long way since the deep dive into negative territory a month ago. One could argue that the price of West Texas Intermediate (WTI) is now $70/bbl higher than it was a month ago, when it settled at -$37.63 on April 20.


Although the negative price seen near the expiration of the May contract was a brief anomaly, the June contract also dipped down to near $10/bbl. But instead of diving back into negative territory, the June contract steadily gained strength throughout the month of May, expiring above $30.


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