Oil prices jumped again on Thursday as the Street hopes for ongoing production cuts in the face of a coronavirus-induced demand loss.
Thursday's move higher comes afterPresident Donald Trump said Wednesday in a tweet that the U.S. would "destroy" any, which Bjornar Tonhaugen, head of oil markets at Rystad Energy, said contributed to oil's jump. The Middle East is key to the oil trade, so any possible tumult can impact the worldwide flow of crude.
Analysts are warning that storage around the world is quickly reaching capacity, which has also pressured prices in recent weeks. "June could see storage tanks struggling to come off highs, in which case the days leading to expiry next month could see yet another squeeze," Francesco Martoccia, senior associate in commodity research at Citi, wrote in a note to clients.
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