U.S. Stockpile Slowdown Helps Boost Oil Prices – 28 April, 2020

U.S. oil stockpiles rose less than expected causing oil prices to jump as predictions see a higher demand as cities begin to ease lockdown restrictions. International Brent crude futures were up 93 cents or 4.6% to $21.39 per barrel, a 2.3% gain. U.S. West Texas Intermediate crude futures were 15.4% or $1.90 higher to as high as $14.40 per barrel before settling at $14.24. Data from the American Petroleum Institute shows that crude inventories in the U.S. were expected to rise by 10.6 million barrels in the week of April 24 but only reached as high as 10 million barrels, adding to the 510 million barrel stockpile. Data from the U.S. Energy information Administration due Wednesday will help get a clearer read on the market.