CNBC Reported, 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.
Oil’s recent strength barely puts a dent in its historic fall, however. Both WTI and Brent are firmly in a bear market, plunging 68% and 62%, respectively, from their 52-week high levels. The decline has also been swift — WTI’s 52-week high of $65.65 is from Jan. 8.
And traders caution that the road to recovery for oil prices will be long and uncertain. Even with global producers scaling back operations, global storage is rapidly filling and some believe tank tops could be reached within weeks.