Crude Oil Prices Rises in Early Trade., on thursday Morning In asia.
Crude oil is in Green Because USA Crude oil glut is not growing as expected.
West Texas Intermediate (WTI) Crude Oil futures climbed to a high of $16.25 a barrel and were up 7.2%, or $1.08, at $16.14 at 0147 GMT. The U.S. benchmark surged 22% on Wednesday.
Brent crude up by 3.9%, or 88 cents, to $23.42 a barrel in light trading, with the June contract expiring on Thursday.
The Brent Crude contract hit a high of $23.65 in early trading, having posted a 10% gain on Wednesday.
U.S. EIA data on Wednesday showed U.S. crude oil inventories grew by 9 million barrels last week to 527.6 million barrels, well below the 10.6 million-barrel rise.
Crude oil Prices are in Pressure inspite not able to cut the production by OPEC & NON OPEC COUNTRIES.
Trump administration raised hopes for more supply to exit the market and bolster.
Output cuts planned by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers.
U.S. private storage is already approaching full capacity and the government’s Strategic Petroleum Reserve hold only 78 million barrels of spare capacity.
U.S. gasoline stockpiles notably fell by 3.7 million barrels from record highs the previous week, with a slight rise in fuel demand offseting a rebound in refinery output.
The dual moves hinted of a pick-up in fuel demand that has been smashed by lockdowns to curb the novel coronavirus.