Benchmark U.S. crude rose more than 3% in early trade on Wednesday, recovering from a 10% slump the previous session on hopes for purchases by consumer countries for their strategic stockpiles on a scale not before seen. U.S. West Texas Intermediate (WTI) crude futures were up 3.43%, or 69 cents, at $20.80 at 2225 GMT, after having crashed 10.3% on Tuesday on fears that a record global output cut by producers would not offset plunging fuel demand hit by the coronavirus pandemic. The Organization of the Petroleum Exporting Countries, along with Russia and other producing countries – a grouping known as OPEC+ – partnered with other oil-pumping powerhouses including the United States for an agreement set to remove a total of around 19.5 million barrels per day (bpd) from the market.
