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U.S. oil prices bounced on Wednesday, recovering some of its losses as U.S. reserves filled slower than anticipated. The lockdowns lifted in some European countries and U.S. cities also helped prices recover as the market hoped for a rise in demand.
U.S. West Texas Intermediate crude futures rose 15.4%, or $1.90, at $14.24 per barrel, nursing 27% of its losses this week.
Brent crude futures jumped 4.6%, or 93 cents, at $21.39 per barrel.
According to the American Petroleum Institute, crude inventories increased by 10 million barrels, bringing it to 510 million barrels on April 24. This was slightly lower than the 10.6 million barrels increase earlier anticipated.
U.S. shale producers are expected to cut output to 300,000 bpd for May and June, slowing down the filling of stockpiles.
That would add to the 9.7 million barrels output cut by OPEC and its allies including Russia set to materialize on May 1.
Hopes for a recovery in demand further supported oil prices after the market rushed to sell June contracts when WTI plunged last week.
Analysts are expecting the WTI to average $30 per barrel in 2020 and $35 in 2021, adding that there will be enough supply to keep prices low until 2021.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
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Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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