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Oil Prices Rise to Highest since March after U.S. Stock Drawdown


Thursday, 21 May 2020 14:07 WIB

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Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the Covid-19 epidemic.

Brent crude futures for July delivery were trading up 62 cents, or 1.7%, at $36.37 per barrel at 05:50 GMT, rising for a second day.

U.S. West Texas Intermediate (WTI) crude futures for July were up 61 cents, or 1.8%, at $34.10 a barrel, extending its gains into a sixth straight session.

Both prices are at their highest since March 11.

U.S. crude inventories fell by 5 million barrels last week, against expectations in a Reuters poll for a 1.2 million-barrel rise, Energy Information Administration (EIA) data showed, while stocks at the Cushing, Oklahoma, delivery hub dropped by 5.6 million barrels.

Source : Reuters


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