The brief rebound in oil prices was never going to last in the current environment, and as the global crude glut nears historic highs, prices are heading towards $20 Markets rallied this week as the U.S. Congress appears poised to pass a $2 trillion stimulus plan. Jobless claims in the U.S. topped 3 million, with economists seeing unemployment nearing Great Depression levels in the coming months. Meanwhile, despite the rally for equities, oil prices did not hold up, with WTI back down close to $20 per barrel as the historic glut continues to worsen. SPR plan scrapped. The U.S. Department of Energy withdrew its plan to buy 77 million barrels of oil for the strategic petroleum reserve (SPR) after funding for the plan was […]