3 out of 4 indexes were down for the week, in spite of the new relief package approved by Congress. went on a roller coaster ride this week, with oversupply pushing prices down temporarily to below zero.
The U.S. Senate on Tuesday approved $484 billion in a fresh relief package, which mainly expands funding for loans to small businesses.
“US oil prices were back in positive territory on Tuesday after a stunning collapse Monday, that saw levels crash below zero, trading at the lowest level since NYMEX opened futures trading in 1983.
US oil futures popped more than 100% — albeit to trade at just $1.65 a barrel. The May contract for West Texas International, which expires Tuesday, finished regular trading Monday at -$37.63 a barrel.
The June contract, which is now being traded more actively, rose 4.5% to $21.35 a barrel during Asian trading hours, still a troublesomely low number. The coronavirus pandemic has caused oil demand to drop so rapidly that the world…