On June 21, 2020, the crude oil market was still recovering from the unprecedented drops experienced earlier in the year due to the COVID-19 pandemic and an oil price war between Saudi Arabia and Russia.
Here's a summary of the conditions around that time:
- Overall Market Condition: June 2020 saw a rebound in crude oil prices compared to the severe lows of April. Brent crude oil spot prices averaged around $40 per barrel in June, up from $18 in April. This recovery was largely attributed to production cuts agreed upon by OPEC+ (OPEC and its allies) and a gradual reopening of global economies.
- Specifics for June 21, 2020 (WTI Crude Oil June 2020 futures contract - CLM20):
- Previous Close: $31.82
- Last Price (on May 19, 2020, as the June contract was expiring): $32.50s (with 's' likely indicating settlement price)
- Change: +$0.68 (+2.14%) from the previous day's close.
- 5-Day Change: +$6.72 (+26.07%)
- Open Interest: 23,344
- Volume: 19,099
It's important to note that the June 2020 WTI contract was expiring around that time (expiration date May 19, 2020), so the activity on June 21, 2020, would primarily relate to subsequent futures contracts (e.g., July or August). However, the general trend in June 2020 was one of price recovery from the severe dip experienced in April.
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