Oil prices jump 20% on early signs of pick up in fuel demand [CNBC]
China Petroleum & Chemical Corporation (SNP)
US:NYSE Investor Relations:
cnpc.com.cn/en
Company Research
Source: CNBC
Oil prices jumped on Thursday, lifted by signs that the U.S. crude glut is not growing as quickly as expected and of a rise in fuel demand, which has been crushed by the coronavirus.West Texas Intermediate crude futuresBrentU.S. crude inventories grew by 9 million barrels last week to 527.6 million barrels, U.S. Information Administration data showed, well below the 10.6 million-barrel rise analysts polled by Reuters had expected.U.S. gasoline stockpiles fell by 3.7 million barrels from record highs the previous week, with a slight rise in fuel demand offseting a rebound in refinery output."If we see a continuation of this trend in the coming weeks, it could suggest the worst might be behind the oil market," ING's head of commodities strategy Warren Patterson said.Adding to positive sentiment, China Petroleum & Chemical Corp (Sinopec) said on Thursday its daily sales of refined oil products have risen to more than 90% of levels seen before the coronavirus outbreak.However, storage c
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