US West Texas Intermediate (WTI) crude CLc1 futures jumped to a high of $13.85 and were up 8.8%, or $1.09, at $13.43 at 0038 GMT, paring a 27% plunge over the first two days of this week. Brent crude LCOc1 futures rose 1.8%, or 36 cents, to $20.82, adding to a 2.3% gain on Tuesday. US crude inventories rose by 10 million barrels to 510 million barrels in the week to April 24, compared with analysts’ expectations for a build of 10.6 million barrels, data from industry group the American Petroleum Institute showed on Tuesday. The market will get another read on US inventories when the US Energy Information Administration releases weekly data later on Wednesday. While storage is rapidly filling up, production cuts by US shale producers, estimated by consultants Rystad Energy at 300,000 barrels per day (bpd) for May and June, should help slow flows into tanks.

Source: Dhaka Tribune April 29, 2020 02:15 UTC