Oil prices jump after smaller than feared U.S. inventories build - Reuters

Oil prices jump after smaller than feared U.S. inventories build - Reuters:

Oil prices jumped on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell, with support also coming from hopes that demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns.

June Brent crude LCOc1 futures were up 11.88%, or $2.43, at $22.89 a barrel by 1340 GMT. The more active July contract added $1.83, or 8.05%, to $24.57.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 24.31% or $3, to $15.34, after a 27% plunge over the first two days of the week.

U.S. crude inventories rose by 10 million barrels to 510 million barrels in the week to April 24, data from the American Petroleum Institute (API) showed on Tuesday, compared with analyst expectations of 10.6 million barrels.