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Oil prices surged on May 5, 2020, with WTI jumping 20.45% to $24.56 a barrel and Brent settling 13.86% higher at $30.97. It was WTI's fifth straight daily gain and the longest winning streak since July.
Traders cited reopening economies and signs that the demand bottom had passed.
Expectations of demand recovery and ongoing output cuts tightened the crude outlook, lifting energy costs that feed into biofuel and ethanol margins and therefore grain and oilseed demand.
cnbc.comPippa StevensMay 5, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
