Oil prices jumped on Friday, extending the previous session's gains, buoyed by a lower-than-expected gain in U.S. crude inventories and the start of output cuts in a bid to offset a slump in fuel demand triggered by the coronavirus pandemic.
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. Picture taken November 22, 2019. REUTERS/Angus Mordant
Brent crude for July delivery, which started trading on Friday as the new front-month contract, was up $1.10, or 4.2%, at $27.58 a barrel by 0013 GMT. Brent gained 12% on Thursday. “This is a second straight week of inventory and product demand figures suggesting a bottoming of the U.S. market,” said Stephen Innes, chief market strategist at AxiCorp.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices surge over 10% amid early signs of U.S. fuel demand recoveryOil prices jumped on Thursday, extending steep gains in the previous session on signs the U.S. crude glut is not growing as quickly as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up.
Read more »
U.S. stocks jump on coronavirus drug hopes; oil surgesStocks advance amid renewed hopes for a coronavirus drug despite data showing the biggest economic contraction since 2008 in the first quarter.
Read more »
Oil prices rise on early signs of slowing U.S. glut buildOil prices rose on Thursday, building on big gains in the previous session on signs the U.S. crude glut is not growing as fast as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up.
Read more »
Oil prices jump as US crude inventories reportedly rise by less than expectedData from the American Petroleum Institute showed Tuesday that U.S. crude inventories jumped by 10 million barrels in the week to April 24 — to 510 million barrels, according to Reuters. That was lower than analysts' expected.
Read more »
Special Report: Trump told Saudis: Cut oil supply or lose U.S. military support - sourcesAs the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting
Read more »
Oil producers scramble to find 'creative' storage options after historic price crashIt comes as the coronavirus crisis continues to hit energy markets hard, with the world awash with oil and running out of places to put it.
Read more »