Oil prices claw back losses as storage fills less rapidly than feared - Reuters

Oil prices claw back losses as storage fills less rapidly than feared - Reuters:

U.S. oil prices gained on Wednesday, trimming some of this week’s losses, after U.S. stockpiles rose less than expected and on expectations demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdown.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 12.6%, or $1.56, at $13.91 at 0643 GMT, paring a 27% plunge over the first two days of this week.

Earlier in the session, WTI futures jumped by more than 15% to a session high of $14.40.

Brent crude LCOc1 futures rose 3.1%, or 64 cents, to $21.10 a barrel, adding to a 2.3% gain on Tuesday.

U.S. crude inventories rose by 10 million barrels to 510 million barrels in the week to April 24, data from industry group the American Petroleum Institute showed on Tuesday, compared with analysts’ expectations for a build of 10.6 million barrels.