Oil prices rise on early signs of slowing US glut build
MELBOURNE: OilNSE 1.74 % prices rose on Thursday, building on big gains in the previous session on signs the U.S. crude glut is not growing as fast as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up.
West Texas Intermediate (WTI) crude futures climbed to a high of $16.25 a barrel and were up 7.2%, or $1.08, at $16.14 at 0147 GMT. The U.S. benchmark surged 22% on Wednesday.
Brent crude rose 3.9%, or 88 cents, to $23.42 a barrel in light trading, with the June contract expiring on Thursday. The contract hit a high of $23.65 in early trading, having posted a 10% gain on Wednesday.
