- Oil prices experienced a wild ride in recent months as a global price-war and a slide to negative levels shook the market.
- The world’s most-traded commodity has mostly rebounded in May from its late-April lows, but traders still fear a prolonged demand pressure fueled by the coronavirus.
- Here’s a timeline of key events in the recovering oil market, from the start of the worldwide price conflict to its latest upswing.
- Watch oil trade live here.
Over the last two months, oil prices surged, slipped, and briefly hit negative levels amid the coronavirus pandemic and growing global tensions.
The world’s most-traded commodity is hot off several historic price moves and soaring back to its highest levels since early March. Volatility in the oil market contributed to major stock sell-offs through March and April after the pandemic already drove wild price swings. With major economies unwinding lockdowns and oil demand slowly returning to the market, one of the commodity’s most turbulent periods has seemingly come to a close.
Here’s a timeline of key events in the recovering market, from the spark of a global price war to oil’s latest rally.