Oil prices rebounded on Wednesday after a major decline, with futures for June gaining over 15 percent in value, according to market data. Brent crude, which fell 24% in the previous session and reached its lowest point in over 20 years, had recovered to $19.72, up 39 cents or 2%, by 12:25 GMT. At the same time, US West Texas Intermediate was up 9 cents, or 0.8%, at $11.66. per barrel.
© REUTERS / DADO RUVICA 3D-printed oil pump jack is seen in front of a displayed stock graph and "$0 Barrel" words in this illustration picture, April 20, 2020
A 3D-printed oil pump jack is seen in front of a displayed stock graph and "$0 Barrel" words in this illustration picture, April 20, 2020
© REUTERS / DADO RUVIC
Following the downturn, the Dow Jones index lost over 1,200 points in a week, reaching 23,018.88 on Tuesday.
Addressing the crisis, US President Donald Trump ordered oil to be bought for the country's reserves, also urging the Treasury and Energy Departments to devise a plan to save the American petroleum industry.