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Oil Extends Recovery From Selloff But Concern Over Glut Lingers
U.S. crude stockpiles rise to highest in almost three years
WTI futures jump 13% after swinging between gains and losses
Oil extended its recovery from Monday’s plunge below zero, but trading remains volatile
with the market under intense pressure from a swelling global glut.
Futures in New York rose as much as 17% to top $16 a barrel. Already inundated with bearish signals,
the market shrugged off data from Wednesday showing U.S. crude stockpiles at a three-year high
and petroleum demand at a record low. An order by President Donald Trump authorizing the Navy
to destroy any Iranian gunboats harassing American ships also lent some support.
https://www.bloomberg.com/news/articles/2020-04-22/oil-extends-recovery-from-furious-selloff-as-glut-worries-linger