Oil prices rise to highest since March after U.S. stock drawdown - Reuters

Oil prices rise to highest since March after U.S. stock drawdown - Reuters:

Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the COVID-19 epidemic.

Brent crude futures for July delivery LCoc1 were trading up 62 cents, or 1.7%, at $36.37 per barrel at 0550 GMT, rising for a second day.

U.S. West Texas Intermediate (WTI) crude futures for July CLc1 were up 61 cents, or 1.8%, at $34.10 a barrel, extending its gains into a sixth straight session.

Both prices are at their highest since March 11.