NEW YORK: Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the coronavirus pandemic.
Oil prices have had one of their most tumultuous weeks ever. US West Texas Intermediate crude futures (WTI) closed at negative $37.63 on Monday, in the worst selloff for that contract in history. Global benchmark Brent crude was slammed on Tuesday, hitting a two-decade low before rebounding.
