MELBOURNE/SINGAPORE Oil prices jumped on Thursday, buoyed by signs that the US crude glut is not growing as quickly as expected and that fuel demand battered by Covid-19 restrictions is starting to pick up.
West Texas Intermediate (WTI) crude futures climbed to a high of $17.75 a barrel and were up 9.2 per cent, or $1.39, at $16.45 at 0640 GMT. The US benchmark surged 22 per cent on Wednesday.
Brent was up 5.6 per cent, or $1.27 at $23.81 a barrel in light trading, with the June contract expiring on Thursday. The contract hit a high of $25 earlier in the session, having posted a 10 per cent gain on Wednesday.
