Hopes for output cuts bump oil up
US stockpiling seen to lead to wellheads closing, affecting prices
16 April 2020 - 08:23
Tokyo — Oil rose on Thursday, with US crude rebounding from near 20-year lows in the previous session on hopes that a big build-up in US inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand.
Brent crude was up 69c, or 2.5%, at $28.38 a barrel by 0102 GMT. US West Texas Intermediate (WTI) was up 56c, or 2.8%, at $20.43...
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