Oil bounces back as rising stockpiles seen pointing to lower output amid coronavirus
FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File Photo
Brent crude LCOc1 was up 36 cents, or 1.3%, at $28.05 a barrel by 0502 GMT. U.S. West Texas Intermediate was up 10 cents, or 0.5%, at $19.97. Energy Information Administration data also showed large U.S. refined fuels stock builds despite refiners operating at 69% of capacity nationwide, the lowest since September 2008.
The figures followed a report from the International Energy Agency that forecast oil demand would fall by 29 million barrels per day in April, to the lowest in 25 years, and just below 30% of global demand before the coronavirus outbreak. [IEA/M]
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