LONDON, May 14 Oil prices climbed on Thursday following an unexpected drop in US crude stocks, but the Brent benchmark still hovered below $30 a barrel as any bullish momentum continued to be curbed by a bleak fuel demand picture due to the coronavirus pandemic.
Brent crude futures were up 51 cents, or 1.8 per cent, at $29.70 per barrel at 0755 GMT. US West Texas Intermediate (WTI) crude futures were up 54 cents, or 2.1 per cent, at $25.83 per barrel.
Prices have ticked up in the past two weeks as some countries relaxed coronavirus restrictions and lockdowns to allow factories and shops to open again.
However the emergence of new cases in South Korea and China has raised concerns over a possible second wave of infections which would weigh on economic recovery and fuel demand.
