Oil prices settled higher on Thursday after the International Energy Agency (IEA) forecast lower global stockpiles in the second half of 2020, although worries remain that the second surge in coronavirus infections could occur in coming months.
Crude prices have ticked up in the last two weeks as some countries relaxed coronavirus restrictions to allow factories and shops to reopen.
Brent crude futures settled up $1.94, or 6.7 percent, to $31.13 a barrel. US West Texas Intermediate (WTI) crude futures settled up $2.27, or 9%, to $27.56 a barrel.
The market rebounded from Wednesday’s losses built on a glum forecast for the economy from US Federal Reserve Chairman Jerome Powell, who warned of an “extended period” of weak economic growth. That offset an unexpected drop in US stockpiles.
