After a historic collapse in April, crude price bounced back strongly in May, registering its best month in history. Crude oil spiked about 88% in May and is now about 46% below its recent January high of $65.65 per barrel. This is especially true against the backdrop of production cuts by major oil producers and an uptick in demand as lockdowns measures led by COVID-19 have been lifted globally (read: Leveraged ETFs That Have Gained More Than 80% at Halfway Q2). Falling Output Oil producers have started scaling back their production at record levels. OPEC, the 14-nation organization, and its allies agreed to cut ... (full story)