Oil prices set to cap off nightmare month with gains [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Oil prices set to cap off nightmare month with gains LONDON (Reuters) - Oil prices jumped for a second day on Thursday, lifted by signs the U.S. crude glut is not growing as quickly as expected and clawing back ground at the end of a month of tumbles wrought by coronavirus fears that caused futures to plumb two-decade lows. Brent crude LCOc1 was up 13.8%, or $3.11, at $25.65 a barrel by 1407 GMT in light trading. The front-month contract for June is set to expire on Thursday. The more actively traded July contract LCOc2 was up $2.51 or 10.4%, at $26.74 a barrel. West Texas Intermediate (WTI) crude CLc1 was up 16.5%, or $2.48, to $17.54 per barrel. The U.S. benchmark surged 22% on Wednesday. The increases are a modest but marked recovery from the nosedive of U.S. crude futures for May as much as $40 into the negative on April 20 - an unprecedented plunge below zero that traders had not previously believed possible. Brent futures also tanked to below $20 a barrel. U.S. crude inventories
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