US, WASHINGTON (ORDO NEWS) — WTI prices for U.S. light crude jumped on Wednesday, recovering some of the losses this week after US stocks rose less than expected, as well as expectations of some recovery in demand following easing isolation measures by some European countries and American cities.
Futures on WTI added 12.4% to $ 13.87 to 08.26 GMT after falling 27% in the first two days of this week.
Futures for Brent crude rose by 3.6% to $ 21.20 per barrel.
According to the API, oil inventories rose 10 million barrels to 510 million for the week ended April 24, while analysts assumed that they would grow 10.6 million barrels.
“This is good enough news that perhaps US vaults are not filling up as fast as you might think,” said Lachlan Shaw, head of commodity research at the National Australia Bank in Melbourne.
The market has yet to evaluate yet another US stock data: The US Energy Information Administration will release a weekly report later on Wednesday.
Regulators in Texas, the largest oil producer in the United States, will vote on May 5 to decide whether to introduce restrictions on production. The states of North Dakota and Oklahoma are also exploring ways to legally reduce production.
Contact us: email@example.com