Brent at highest since March on U.S. stock draw, recovering demand - Reuters

Brent at highest since March on U.S. stock draw, recovering demand - Reuters:

Global benchmark Brent rose more than 1% on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease coronavirus restrictions on people’s movements.

Oil has slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in April as demand collapsed. With fuel use rising and more signs that the supply glut is being tackled, Brent has since more than doubled.

Brent LCOc1 rose 34 cents, or 1%, to settle at $36.09 per barrel. U.S. West Texas Intermediate crude CLc1 closed up 43 cents, or 1.28%, to $33.92.

In the latest sign the supply glut is easing, U.S. crude inventories USOILC=ECI fell 5 million barrels last week. Analysts had expected an increase.