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MarketWatch MarketPulseMay 29, 2020
U.S. oil futures reverse course to finish higher, climb 88% for the month
U.S. oil futures reversed course to finish higher Friday, getting a boost as traders eye developments tied to Hong Kong related tensions between the U.S. and China, and as another drop in U.S. oil rigs suggested further domestic production declines. U.S. prices ended the month with a gain of 88%, based on the front months, to mark the best monthly performance on record, according to Dow Jones Market Data. "Prices normalized from the extreme pressure in April as markets dealt with a lack of domestic storage capacity," Rob Haworth, senior investment strategist at U.S. Bank Wealth Management, told MarketWatch. "As we moved through May, prices expressed relief as production slipped and storage capacity increased." July West Texas Intermediate oil rose $1.78, or 5.3%, to settle at $35.49 a barrel on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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