Oil prices claw back losses as storage fills less rapidly than feared

MELBOURNE: U.S. oil prices jumped on Wednesday, trimming some of this week’s losses, after U.S. stockpiles rose less than expected and on expectations demand will increase as some European countries and U.S. cities moved to ease coronavirus lockdowns.

U.S. West Texas Intermediate (WTI) crude futures climbed to a high of $14.40 a barrel and were up 15.4%, or $1.90, at $14.24 at 0233 GMT, paring a 27% plunge over the first two days of this week.

Brent crude futures rose 4.6%, or 93 cents, to $21.39 a barrel, adding to a 2.3% gain on Tuesday.