Oil Jumps 11% On Signs Of Demand Recovery

U.S. benchmark oil prices surged by 11 percent early on Monday to a two-month high of over $32 a barrel amid signs of demand recovery and accelerated production cuts from all oil producers, making a repeat of last month’s negative WTI Crude prices a day before expiry increasingly unlikely. At 10:00 a.m. EDT on Monday, the WTI Crude June contract expiring on Tuesday was trading at $32.86, up by 11.72 percent on the day, to the highest level since the second week of March. Back then, oil prices had started to slide after Saudi Arabia…