Supported by lower US crude inventories and recovering demand, global benchmark Brent rose more than 1 percent on Thursday to its highest since March.
With Brent touching a 21-year low below $16 a barrel in April, oil has fallen in 2020. Brent has since more than doubled with more signs that the supply glut is being tackled.
Brent LCOc1 rose 34 cents (1 percent) to settle at $36.09 per barrel. Up 43 cents (1.28 percent), US West Texas Intermediate crude closed at $33.92. US crude inventories fell 5 million barrels last week in the latest sign the supply glut is easing. An increase expected by analysts.
Though executives said overall demand remained weak, slower ticket cancellations and an improvement in bookings on some routes reported on Tuesday by top US airlines and Air Canada. In the meantime, another 2.4 million Americans filed for unemployment reported by the US Labor Department last week. This will affect gasoline demand.
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Published on May 22, 2020 12:47 PM (GMT+8)Last Updated on May 22, 2020 12:47 PM (GMT+8)
