The oil market continues with enormous volatility and today Wednesday they have registered spectacular increases. The Texas rate, the benchmark for the United States, has shot up 22%, to $ 15.06 a barrel, although during the session it shot up 35%. Brent, the benchmark for Europe, has risen almost 11%, to $ 22.7 a barrel.
The increase in US inventories by 10 million barrels -up to 510 million barrels-, when the market expected a rise of 10.6 million, encouraged the markets, as it lowers the fear that there is not enough space to store the surplus production that causes the collapse of demand due to the Covid-19 crisis.
In addition, investors hope that the progressive opening of the economy will produce a rebound in demand that will help offset the excess supply that exists in the market and that will alleviate storage systems, which in recent weeks have approached the limit of its capacity worldwide. .