# Oil surges 20%, posts fifth straight day of gains for first time since July

> 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.

- Date: 2020-05-05 · published 2020-05-05T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8042-oil-surges-20-posts-fifth-straight-day-of-gains-for-first-time-since-july
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2020/05/05/oil-jumps-13percent-in-fifth-day-of-gains-on-demand-recovery-and-production-cuts.html

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