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Oil prices inch higher on US stockpile drop, but bleak outlook caps gains
May 14, 2020
Source: Reuters

Oil prices inch higher on US stockpile drop, but bleak outlook caps gains

Oil prices rose in the international market on Thursday, following an unexpected drop in the U.S. crude stocks. Brent crude futures were up 5.7%, to $30.86 a barrel, while the WTI crude futures edged 6.3% higher, to $26.89 a barrel. Further gains were capped by both a bleak outlook for the world’s no. 1 economy as the coronavirus pandemic crushes fuel demand and concern over a potential second wave of cases.

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