Oil rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people's movements imposed due to the coronavirus crisis.
TOKYO - Oil rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people’s movements imposed due to the coronavirus crisis.
Crude prices have slumped in 2020, with global benchmark Brent hitting a 21-year low below $16 in April as demand collapsed. With fuel use rising and mounting signs that the supply glut is being tackled, Brent has since more than doubled.U.S. West Texas Intermediate crude CLc1 climbed 40 cents, or 1.2%, to $33.89. Both benchmarks are at their highest since March 11.
In the latest sign of a supply glut easing, U.S. crude inventories USOILC=ECI fell by 5 million barrels last week. Analysts had expected an increase. “It is now abundantly clear that the market is tightening and crude prices are rebounding as demand returns,” said analysts at JBC Energy.
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