Oil prices rise on some signs of pick up in fuel demand [Toronto Globe and Mail (Ontario, Canada)]
China Petroleum & Chemical Corporation (SNP)
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Source: Toronto Globe and Mail
Oil prices rise on some signs of pick up in fuel demand 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 was up 11.4 per cent, 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 per cent on Wednesday. The more actively-traded Brent crude contract for July was up $1.97 or 8.1 per cent, at $26.20 a barrel. U.S. West Texas Intermediate (WTI) crude climbed to $17.30 a barrel, up 14.9 per cent or $2.24. The U.S. benchmark surged 22 per cent 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
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