Oil prices rise after sharp losses caused by U.S. stockpile surge - Reuters

Oil prices rise after sharp losses caused by U.S. stockpile surge - Reuters:

Oil prices rose on Thursday after sharp losses in the previous session, with investors hoping that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.

With official data showing U.S. inventories surging the most on record, U.S. West Texas Intermediate (WTI) fell on Wednesday to its lowest since February 2002, while Brent fell by more than 6%. [EIA/S]

Brent crude LCOc1 was up $1.15, or 4.2%, at $28.84 a barrel by 1225 GMT. WTI was up 33 cents, or 1.7%, at $20.20.

Brent is headed for a weekly fall of around 8% and WTI of 11%.