Oil Jumps Amid Output Cuts and Early Signs of Demand Recovery
By Sharon Cho
and James Thornhill
April 30, 2020, 1:24 AM GMT+3 Updated on April 30, 2020, 7:13 AM GMT+3
EIA reports surprise drop in American gasoline stockpiles
WTI futures rise around 15% after climbing 22% on Wednesday+0.04+1.45%
Oil advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.
Futures in New York rose around 15% to above $17 a barrel. They surged by more than a fifth of their value on Wednesday as Energy Information Administration data showed a surprise drop in American gasoline stockpiles and a jump in demand. In China, traffic is returning to the streets, supporting a boost in fuel consumption and refinery processing rates.