# Oil jumps 8% to two-month high above $31 as June futures contract nears expiration

> WTI crude for June delivery jumped about 8% to settle at $31.82 a barrel on May 18, reaching as high as $33.32 intraday before paring gains. Brent settled 7.11% higher at $34.81. Traders cited output curtailments and easing lockdown restrictions.

- Date: 2020-05-18 · published 2020-05-18T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/53301-oil-jumps-8-to-two-month-high-above-31-as-june-futures-contract-nears-expiration
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Deeper producer output cuts and gradual demand recovery tighten the crude balance, lifting energy costs and supporting biofuel and feed-input economics via soybean oil and corn ethanol margins.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2020/05/18/oil-news-crude-wti-brnet-prices-today.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.