Oil jumped on Thursday and was on track for one of its best weeks in history as a number of bullish factors supported prices, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline demand improving as economies around the world reopen.
West Texas Intermediate, the U.S. benchmark, jumped 5.2%, or $1.24, to trade at $25.23 per barrel. Earlier in the session WTI had been up more than 11%, hitting a session high of $26.74. This week, WTI has gained more than 27%, putting it on pace for one of its best weeks on record going back to the contract’s inception in 1983. Of course, given the more than 50% decline this year a smaller move now accounts for a larger percentage change.