LONDON: Oil prices jumped for a second day on Thursday, lifted by signs the US crude glut is not growing as quickly as expected and clawing back ground at the end of a month of tumbles wrought by coronavirus fears that caused futures to plumb two-decade lows.
Brent crude was up 13.8 per cent, or $3.11, at $25.65 a barrel by 1407 GMT in light trading. The front-month contract for June is set to expire on Thursday.
The more actively traded July contract was up $2.51 or 10.4 per cent, at $26.74 a barrel.
West Texas Intermediate (WTI) crude was up 16.5 per cent, or $2.48, to $17.54 per barrel. The US benchmark surged 22 per cent on Wednesday.
