Oil was anchored near $24 a barrel after halting a five-day rally as investors weigh small signs of recovering demand against a huge glut that’s testing global storage capacity limits.
By Saket Sundria
and James Thornhill
May 7, 2020, 1:16 AM GMT+3 Updated on May 7, 2020, 7:46 AM GMT+3
Nationwide U.S. crude inventories expand for a 15th week
WTI futures gain 1% after snapping 5-day rally Wednesday
Futures edged higher in New York after losing 2.3% on Wednesday. American gasoline consumption on a four-week basis rebounded at its strongest rate on record last week but remained far below the seasonal average, according to government data. U.S. crude stockpiles expanded for a 15th week, although at a slower pace, while supplies at the Cushing storage hub rose further.