Oil prices jumped, buoyed by signs that the U.S. crude glut is not growing as quickly as expected and that fuel demand battered by COVID-19 restrictions is starting to pick up
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
U.S. crude inventories grew by 9 million barrels last week to 527.6 million barrels, U.S. Energy Information Administration data showed, well below the 10.6 million-barrel rise analysts polled by Reuters had expected. Adding to positive sentiment, China Petroleum & Chemical Corp said on Thursday its daily sales of refined oil products have risen to more than 90% of levels seen before the coronavirus outbreak.
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