Oil prices rise amid early signs of fuel demand picking up - Reuters

Oil prices rise amid early signs of fuel demand picking up - Reuters:

Oil prices jumped on Thursday, buoyed by signs that the U.S. crude glut is not growing as quickly as expected and that fuel demand battered by COVID-19 restrictions is starting to pick up.

West Texas Intermediate (WTI) crude futures CLc1 climbed to a high of $17.75 a barrel and were up 9.2%, or $1.39, at $16.45 at 0640 GMT. The U.S. benchmark surged 22% on Wednesday.

Brent LCOc1 was up 5.6%, or $1.27 at $23.81 a barrel in light trading, with the June contract expiring on Thursday. The contract hit a high of $25 earlier in the session, having posted a 10% gain on Wednesday.

The most active Brent crude contract for July LCOc2 was up $1.15 or about 5%, at $25.38 a barrel.