Oil prices rose on Thursday, building on big gains in the previous session on signs the U.S. crude glut is not growing as fast as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
Brent crude LCOc1 rose 3.9%, or 88 cents, to $23.42 a barrel in light trading, with the June contract expiring on Thursday. The contract hit a high of $23.65 in early trading, having posted a 10% gain on Wednesday. “I think we’re closer to an equilibrium price for WTI between $15 and $20. That reflects all of the known knowns - the demand destruction that has led to storage filling up and pending supply cuts,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking in Sydney.
U.S. gasoline stockpiles notably fell by 3.7 million barrels from record highs the previous week, with a slight rise in fuel demand offseting a rebound in refinery output. The dual moves hinted of a pick-up in fuel demand that has been smashed by lockdowns to curb the novel coronavirus.
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