“The 16 million bpd oversupply in crude during April could be reversed altogether by June, helped by a 4 million-bpd recovery in crude demand and a 12 million-bpd cut in crude supply,”

The oil rally lost some steam today as tensions between the US and China are beginning to res-escalate.

Oil jumped to highest levels since March as the rally in the oil markets
continues.

Oil continued its rally today with the demand picture looking better each day
as well as a surprise drop in crude stockpiles.

Crude oil prices rose again today as OPEC cuts and the reopening of global economies are starting to balance out the supply demand equation.

Oil prices rose again today with US prices hitting their highest level since March as China reported strong refinery utilization numbers.

Oil prices surged today after yesterday’s surprise draw in inventories, declining for the first time in 15 weeks. Prices have been on an uptrend for the last few weeks as optimism around global reopening is painting a picture of increased demand.

Despite a surprise draw in crude inventories, and probably the most bullish EIA report since January, crude prices traded down on the back of some very solemn comments from Fed chief Jerome Powell.

Oil futures continued their rise today after the Saudis announced an unexpected
incremental production cut.

Oil prices reversed early losses and turned positive for the day after Saudi Arabia’s energy minister said the kingdom aims to provide additional voluntary cuts in an effort to support global markets.