Oil prices rise on U.S. stockpile drop, but bleak outlook caps gains - Reuters

Oil prices rise on U.S. stockpile drop, but bleak outlook caps gains - Reuters:

Oil prices climbed on Thursday following an unexpected drop in U.S. crude stocks, but gains were capped by a bleak outlook for the world’s No. 1 economy as the coronavirus pandemic crushes fuel demand, and concern over a potential second wave of cases.

Brent crude futures were up 18 cents, or 0.6%, at $29.37 per barrel at 0621 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 23 cents, or 0.9%, at $25.52 a barrel.

Prices have risen in the past two weeks as some countries relaxed coronavirus restrictions and lockdowns to allow factories and shops to open again. But new cases have emerged in South Korea and China, raising concerns over a possible second wave of infections which would weigh on economic recovery and fuel demand.