Oil prices rose on Thursday after a drop in U.S. crude stocks and an IEA forecast for lower global stockpiles in the second half, but the Brent benchmark still hovered around $30 a barrel as a weak demand picture curbed gains.

Brent crude futures were up 99 cents, or 3.4%, to trade at $30.18 per barrel, while West Texas Intermediate crude futures were 94 cents, or 3.7%, higher at $26.23 per barrel.

Prices have ticked up in the last two weeks as some countries relaxed coronavirus restrictions and lockdowns to allow factories and shops to reopen.

However the emergence of new cases in South Korea and China has raised concerns over a possible second wave of infections that would weigh on economic recovery and fuel demand.

Source: CNBC