Oil prices rise on some signs of pick up in fuel demand [Reuters]
China Petroleum & Chemical Corporation (SNP)
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Source: Reuters
Oil prices rise on some signs of pick up in fuel demand LONDON (Reuters) - Oil prices jumped on Thursday, lifted by signs the U.S. crude glut is not growing as quickly as expected and indications of a rise in fuel demand, which has been crushed by the coronavirus. Benchmark Brent LCOc1 was up 11.4%, or $2.57 at $25.11 a barrel at 1100 GMT in light trading. The front-month contract for June is set to expire on Thursday, having risen 10% on Wednesday. The more actively-traded Brent crude contract for July LCOc2 was up $1.97 or 8.1%, at $26.20 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 climbed to $17.30 a barrel, up 14.9% or $2.24. The U.S. benchmark surged 22% 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 wee
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