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WPX - May's 88% Oil Price Spike Has U.S. Drillers Restarting Their Pumps in June
WPX Energy Inc.
The COVID-19 outbreak hammered demand for oil. That pushed prices to such depths earlier this year that several producers had no choice but to turn off some of their pumps to stop the bleeding.
However, with governments lifting restrictions on travel and non-essential businesses, gasoline demand has started bouncing back. That's taking oil prices up with it as WTI, the main U.S. oil price benchmark, zoomed 88% higher last month. That much higher pricing level is enabling producers to restart some of their idled oil pumps.