Oil jumped 40% at the high on Wednesday

Oil jumped 40% at the high on Wednesday, recovering from early losses in a volatile overnight trading session that saw international benchmark Brent crude fall to its lowest level in more than 20 years. West Texas Intermediate for June delivery rose $2.21, or 19.1%, to settle at $13.78 per barrel. Earlier in the session, WTI, the U.S. benchmark, had traded as low as $10.26, before jumping more than 40% to hit a session high of $16.20. Brent crude settled $1.04, or 5.38%, higher at $20.37, after previously breaking below $16. (CNBC)

The Senate on Tuesday passed a $484 billion package to bolster small businesses and hospitals ravaged by the coronavirus pandemic and expand testing for COVID-19. After the unanimous Senate vote, the bill heads to the House, which aims to approve it by Thursday. The measure injects another $310 billion into a key loan program designed to keep employees on small company payrolls. The bill passed Tuesday allocates $60 billion for small lenders as part of the small business aid program. It puts another $60 billion toward Small Business Administration disaster assistance loans and grants. (CNBC)

Source: Danareksa Sekuritas Debt Research

Image: North Sea, Castlerock Strand, Castlerock, Northern Ireland
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