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US crude oil posts best month on record; jumps 90% in May

May 30, 2020 15:49 IST

After the steepest downturn on record in April, crude oil registered its best month ever in May. West Texas Intermediate gained almost 90% in May owing to an uptick in demand as well as record supply cuts. WTI’s second-best month on record was September 1990, when it gained 44.6%. The US oil benchmark dropped below zero for the first time on record in April.

 

 

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