Oil Rises Above $31
Oil rose above $31 a barrel on Wednesday as hopes for a recovery in demand as some countries ease coronavirus lockdowns offset a report showing a higher-than-expected rise in US inventories.
Brent crude has almost doubled since hitting a 21-year low reached on April 22, supported by expectations demand will recover and by a record supply cut led by the Organization of the Petroleum Exporting Countries, Reuters reported.
Brent was up 79 cents, or 2.6%, at $31.76 a barrel, having risen in the past six sessions. West Texas Intermediate crude added 88 cents, or 3.6%, to $25.44.
“Clearly, the optimism of the reopening of the global economy has supported the oil rally,” said Naeem Aslam, analyst at Avatrade.
But in a reminder that a supply glut persists, the American Petroleum Institute said on Tuesday that US crude inventories rose by 8.4 million barrels last week, more than analysts expected.
“We’re talking about normalization of supply and demand but we’ve got a long way to go,” said Lachlan Shaw, National Australia Bank’s head of commodity strategy.
Italy, Spain, Nigeria and India, as well as some US states began allowing some people to go back to work and opened up construction sites, parks and libraries.
source: Financial Tribune
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