Oil prices rise on early signs of pick up in fuel demand [Reuters]
China Petroleum & Chemical Corporation (SNP)
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Source: Reuters
Oil prices rise on early signs of pick up in fuel demand LONDON (Reuters) - 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 (WTI) crude futures CLc1 climbed to $17.11 a barrel, up 13.6% or $2.05 at 0840 GMT. The U.S. benchmark surged 22% on Wednesday. Brent LCOc1 was up 7.6%, or $1.71 at $24.25 a barrel in light trading, with the June contract expiring on Thursday, having posted a 10% gain on Wednesday. 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. 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 comi
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