WTI oil price soars over 30%

The price of US benchmark oil WTI soared more than a third Wednesday on bargain-hunting and data showing crude stockpiles in the United States rose less than expected. 

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A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, US Nov 22, 2019. (Photo: China Daily)

WTI surged to $16.69 per barrel, while European benchmark Brent North Sea crude rallied 13.4 percent to $23.21.