Chines­e firm says its daily sales of refine­d oil produc­ts have climbe­dLONDON: Oil prices jumped on Thursday, lifted by signs the US crude glut is not growing as quickly as expected and indications of a rise in fuel demand, which has been crushed by the coronavirus. US crude inventories grew by 9 million barrels last week to 527.6 million barrels, US Energy Information Administration (EIA) data showed, well below the 10.6-million-barrel rise analysts polled by Reuters had expected. US gasoline stockpiles fell by 3.7 million barrels from record highs the previous week, with a slight rise in fuel demand offsetting a rebound in refinery output. Storage concerns continue to weigh with the International Energy Agency (IEA) saying global capacity could reach its maximum by mid-June and energy demand could slump by a record 6% in 2020. Treasury Secretary Steven Mnuchin said it could include adding millions of barrels of oil to national reserves.

Source: The Express Tribune April 30, 2020 13:30 UTC