 "With official data showing US inventories surging the most on record, WTI fell on Wednesday to its lowest since February 2002")
Oil rose on Thursday, with US crude rebounding from near-20-year lows in the previous session on hopes that a big build-up in US inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.
Brent crude was up 69 cents, or 2.5%, at $28.38 a barrel by 0102 GMT. US West Texas Intermediate (WTI) was up 56 cents, or 2.8%, at $20.43, Reuters reported.
With official data showing US inventories surging the most on record, WTI fell on Wednesday to its lowest since February 2002, with Brent slumping more than 6%.
The figures
