OIL futures soared in midweek trading on bullish US inventory data and signs of easing lock-downs around the globe that boosted expectations of an economic rebound following weeks of financial havoc unleashed by the Covid-19 pandemic. US benchmark West Texas Intermediate (WTI) rose more than 27% to around $15.60 per barrel in early New York trading on Wednesday, capping a stellar comeback from a historic crash to -$37.63 per barrel on 20 April. The more widely traded international benchmark Brent was changing hands at around $22.80 per barrel, up more than 11%, in the late London session on Wednesday. Prices earlier in the week had swayed wildly between gains and losses as investors kept a nervous eye on depleting storage space amid a dearth in global demand. The pandemic has forced widespread economic shutdowns.
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