4/21/2020, 6:35 AM (Source: TeleTrader)
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June WTI up nearly 5% after record collapse

West Texas Intermediate (WTI) for June delivery advanced by nearly 5 percentage points early on Tuesday following the benchmark's crash into negative territory for the first time in history.

WTI settlement for May took a dive on Monday, during the last day of trading before the contract for the month expired, marking what was the crude's biggest collapse with the COVID-19 pandemic affecting the oil demand and leaving the stockpiles full. The drop below zero never happened for an oil contract and meant producers would pay traders to take oil from them. United States President Donald Trump commented on the price drop, claiming it will be "very short term."

West Texas Intermediate (WTI) for June settlement increased by 4.94%, going for $21.40 per barrel at 5:54 pm ET, while Brent for deliveries in June fell 0.55% to sell for $29.05 per barrel at 6:05 pm ET.

Breaking the News / NL