Oil prices climb as storage fills less rapidly than feared

Oil prices climb as storage fills less rapidly than feared
  • Clock-gray 07:00
  • calendar-gray 29 April 2020

Oil prices climbed on Wednesday, trimming some of this week’s steep losses after U.S. stockpiles rose less than expected and hopes grew for demand to pick up as some European countries and U.S. cities moved to ease coronavirus lockdowns, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures jumped to a high of $13.85 and were up 8.8%, or $1.09, at $13.43 at 0038 GMT, paring a 27% plunge over the first two days of this week. 

Brent crude futures rose 1.8%, or 36 cents, to $20.82, adding to a 2.3% gain on Tuesday. 

U.S. crude inventories rose by 10 million barrels to 510 million barrels in the week to April 24, compared with analysts’ expectations for a build of 10.6 million barrels, data from industry group the American Petroleum Institute showed on Tuesday. 

 

apa-logo-mini

Other news