US crude prices shot higher in another day of volatile trading on Wednesday, as traders bet that the gradual reopening of some western economies would ease the most dramatic collapse in oil demand in history.
West Texas Intermediate, the US benchmark, has endured wild swings over the past week after falling into negative territory for the first time on April 20. The market had been spooked by signs that storage was running out after a decline of nearly 30 per cent in demand for oil as economies went into lockdown.
But on Wednesday the WTI contract for June delivery jumped from $12 a barrel to about $16 a barrel. Traders pointed to signs that the worst of the demand destruction might be coming to an end, as parts of Europe and North America began easing some virus-related restrictions.
Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US and West Newton in the UK.