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Rapid Oil Prices Increase

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Harry and A Wolf
@harryji
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Oil prices surged on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher.

Along with lower supplies expected out of OPEC, the united States is seeing its own drop in production, from 13.1 million bpd at its height to 12.1 million bpd according to the EIA(Energy Information Administration)

At 12:14 pm EDT on Tuesday the WTI benchmark was trading up on the day by $3.22 (+14.14%) at $26—double the price from this time last week. At 10:30 am EDT on Wedesday the WTI benchmark decrease a bit by -5.50% at $23.21