Monday, June 22, 2026
Oil jumps 18% in fifth day of gains on demand recovery and production cuts- oil and gas 360

Oil jumps 18% in fifth day of gains on demand recovery and production cuts

CNBC Oil prices surged on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher. West Texas Intermediate, the U.S. benchmark, jumped 18.2%, or $3.72, to trade at $24.11 per barrel. The contract gained 3.08% on Monday — closing above $20 for the first time since mid-April