BREAKING: President Trump announced the administration will be buying ”large quantities” of “cheap oil” to fill the US Strategic Petroleum Reserve “up to the top”. Oil prices moved modestly higher for the day but posted their worst week since 2008 as traders cope with abundant supply and evaporating demand. One point to note is trading volumes this week in crude markets have been extremely low, which could be a sign of some relief ahead. Oil prices are rallying after the settle on the news of increased buying as the President also announced broad actions to combat the virus to be taken in tandem with private corporations. Total active rigs fell by 1 with oil rigs adding 1 to total 683 and gas rigs falling by 2 to total 107. WTI traded up $.23 or .73% to close at $31.73. Brent traded up $.82 or 2.47% to close at $34.04.
up $.82 or 2.47% to close at $34.04.