Oil Prices Rise, Stockpile Grows Less Than Anticipated – 6 May, 2020

U.S. oil inventories rose less than expected, helping boost prices while investors warn gains could be capped the longer the coronavirus affects demand. U.S. oil rose 0.8% or 19 cents to $24.18 per barrel. Brent crude gained 0.4% or 12 cents to $29.84 per barrel. U.S. Though crude inventories rose for a 15th consecutive week, the stockpile only grew by 4.5 million barrels, less than the 7.8 million barrel rise predicted by analysts as reported by the Energy Information Administration this week. OPEC+ producers agreed on roughly 10 million barrels in production cuts taking starting May 1 to stabilize prices as demand falls due to lockdown restrictions across the world caused by the coronavirus.