Oil prices rise amid early signs of fuel demand picking up [Reuters]
China Petroleum & Chemical Corporation (SNP)
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Source: Reuters
Oil prices rise amid early signs of fuel demand picking up MELBOURNE/SINGAPORE (Reuters) - Oil prices jumped on Thursday, buoyed by signs that the U.S. crude glut is not growing as quickly as expected and that fuel demand battered by COVID-19 restrictions is starting to pick up. West Texas Intermediate (WTI) crude futures CLc1 climbed to a high of $17.75 a barrel and were up 9.2%, or $1.39, at $16.45 at 0640 GMT. The U.S. benchmark surged 22% on Wednesday. Brent LCOc1 was up 5.6%, or $1.27 at $23.81 a barrel in light trading, with the June contract expiring on Thursday. The contract hit a high of $25 earlier in the session, having posted a 10% gain on Wednesday. The most active Brent crude contract for July LCOc2 was up $1.15 or about 5%, at $25.38 a barrel. U.S. crude inventories grew by 9 million barrels last week to 527.6 million barrels, U.S. Energy Information Administration data showed, well below the 10.6 million-barrel rise analysts polled by Reuters had expected. U.S. gasolin
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