Brent rose 12% on Thursday and rose about 11% in April, but the international benchmark has sagged around 60% this year on the coronavirus impact. U.S. crude CLc1 for June delivery rose 70 cents, or 3.7%, to $19.54 a barrel, having gained 25% in the previous session. But U.S. oil fell for a fourth month in April and has tumbled 70% this year. “While this may seem like a drastic improvement from April, the oil market is not magically fixed,” said Rystad oil market analyst Louise Dickson. That dwarfs the nearly 10 million bpd cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, reductions that officially kick in from Friday.

Source: Standard Digital May 01, 2020 07:07 UTC