Oil prices rose on Thursday as demand is starting to recover and the U.S. crude glut is not growing as fast as anticipated.
West Texas Intermediate crude futures gained 14.3%, or $2.15, at $17.21 per barrel. Brent crude was up 10.3%, or $2.33, at $24.87 per barrel.
Brent crude for July delivery grew 8.7%, or $2.10, at $26.33 per barrel.
U.S. crude stockpile increased 9 million barrels last week, bringing the total to 527.6 million barrels. This was significantly lower than the 10.6 million-barrel increase predicted by analysts.
U.S. gasoline inventories fell by 3.7 million barrels from last week s record highs. A recovery in fuel demand provided a floor for refinery output.
President Donald Trump said that his administration will reveal a plan on providing aid to oil companies.
Private storage in the United States is almost full while the Strategic Petroleum Reserve only holds 78 million barrels of storage left.
https://www.umarkets.com/en/news/oil-prices-rise-10-as-us-fuel-demand-begins-recovery