Despite rise in stocks, oil price lifts on hopes of higher demand
The American Petroleum Institute says US crude inventories rose more than analysts had expected
06 May 2020 - 12:44
London — Oil rose above $31 a barrel on Wednesday as hopes for a recovery in demand — as some countries ease coronavirus lockdowns — offset a report showing a higher-than-expected rise in US inventories.
Brent crude has almost doubled since hitting a 21-year low reached on April 22, supported by expectations demand will recover and by a record supply cut led by oil cartel Opec...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.