Oil prices rise after sharp losses caused by US stockpile surge

LONDON: Oil prices rose on Thursday after sharp losses in the previous session, with investors hoping that a build-up in US inventories may mean producers have little option but to cut output as the coronavirus pandemic ravages demand.

With official data showing US inventories surging the most on record, US West Texas Intermediate (WTI) fell on Wednesday to its lowest since February 2002, while Brent fell by more than 6%.

Brent crude was up 51 cents, or 1.8%, at $28.20 a barrel by 1341 GMT.