Oil prices rise on some signs of pickup 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 pickup 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 that has been crushed by the coronavirus. Brent crude was up 12.4 per cent, or $2.79, at $25.33 a barrel by 1215 GMT in light trading. The front-month contract for June is set to expire on Thursday. The more actively traded July contract was up $2.26 or 9.3 per cent, at $26.49 a barrel. West Texas Intermediate (WTI) crude was up 16.1 per cent, or $2.42, to $17.48 per barrel. 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, Energy Information Administration data showed, below the 10.6 million barrel rise expected by 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 offsetting a rebound in
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