The swing into negative territory on April 20 was an unprecedented event for WTI crude oil, sending shockwaves throughout the entire energy industry. However, the incident is now well behind us, and the market seems to be doing a great job at recovering at a faster pace than many anticipated.
In recent weeks, both benchmarks have soared significantly. After hitting its 21-year low of $17 in April, the price of a Brent crude barrel has more than doubled to trade at $42.40 on June 5. The WTI oil price has also soared to almost $40 per barrel, gaining nearly 90 per cent during the last month.
