US crude prices extended gains for the 3rd straight session to trade around $15 a barrel on Thursday after the Oklahoma’s energy regulator approved an emergency order that allows oil producers to stop or reduce production without losing their leases for non-production. Still, US crude prices remain at levels not seen since 1999.
WTI crude prices hit a record low of minus $40.32 on Monday amid concerns about storage and a slump in global demand due to the coronavirus pandemic. Recent data showed the storage hub in Cushing, Oklahoma which is the main delivery point in the US for oil was just 70% full as of mid-April. Meanwhile, Brent crude prices traded above $21.6 a barrel.