Global benchmark Brent rose on Thursday to its highest since March, supported by lower US crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions imposed on people’s movements due to the coronavirus crisis.
Crude prices have slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in April as demand collapsed. With fuel use rising and more signs that the supply glut is being tackled, Brent has since more than doubled.
Brent rose 34 cents, or 1 per cent, to $36.09 per barrel by 12:48 p.m. EDT (1648 GMT). US West Texas Intermediate crude rose 30 cents, or 0.9 per cent, to $34.66.
