Oil prices rise as U.S. inventories build smaller than feared [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Oil prices rise as U.S. inventories build smaller than feared Oil prices gained on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell and buoyed by hopes demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns. June Brent crude futures were up 2.30%, or 47 cents, to $20.93 a barrel by 0834 GMT, after hitting $21.60 a barrel. The more active July contract added 22 cents, or 0.97%, to $22.96 a barrel. U.S. West Texas Intermediate (WTI) crude futures jumped 12.56% or $1.55 to $13.89 after a 27% plunge over the first two days of this week. U.S. crude inventories rose by 10 million barrels to 510 million barrels in the week to April 24, data from industry group the American Petroleum Institute showed on Tuesday, compared with analysts’ expectations for a build of 10.6 million barrels. Gasoline stocks fell by 1.1 million barrels, the API said, compared with analyst forecasts for a 2.5 million barrel rise. “In part than
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