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Oil prices surge more than 10% after US crude storage build slows

US West Texas Intermediate (WTI) crude futures settled at $15.06 a barrel, jumping $2.72, or 22 per cent

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Crude prices crashed earlier this month, with global fuel tanking roughly 30 per cent due to efforts to slow the spread of the virus

Reuters

3 min read Last Updated : Apr 30 2020 | 3:22 AM IST

Oil prices surged more than 10 per cent on Wednesday after US crude stockpiles grew less than expected and gasoline posted a surprise draw, feeding optimism that fuel consumption will recover as some European countries and US state ease coronavirus lockdowns.

Crude prices crashed earlier this month, with global fuel tanking roughly 30 per cent due to efforts to slow the spread of the virus. To ease the growing glut, major oil producing-nations agreed in mid-April to cut output by nearly 10 million barrels per day. Shale producers and oil majors are also reducing production.

US West Texas Intermediate (WTI) crude futures

Topics : Coronavirus Lockdown Oil Prices Crude Oil Brent crude

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