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 the
But, in a reminder that a supply glut persists, the American Petroleum Institute said on Tuesday that U.S. crude inventories rose by 8.4 million barrels last week, more than analysts expected. Italy, Spain, Nigeria and India as well as some U.S. states, began allowing some people to go back to work and opened up construction sites, parks and libraries.The easing of lockdowns should lead to a recovery in global oil demand, which in April was expected to collapse by at least 20 per cent, an unprecedented drop, as governments told people to stay at home.
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