Rising crude prices have added to the optimism that fuel consumption will recover as some European countries and US states ease the containment measures for the Corona virus.
Crude prices collapsed earlier this month, with global fuel demand declining nearly 30% due to efforts to curb the spread of the virus.
In order to reduce the growing glut, major oil producing countries agreed in mid-April to cut production by about 10 million barrels per day. The shale producers and major energy companies are also reducing production.
The settlement price of US West Texas Intermediate crude futures contracts is set at $ 15.06 a barrel, jumping $ 2.72, or 22%. Brent crude contracts closed at $ 22.54 a barrel, up $ 2.08, or 10.2%.
The US crude oil stocks increased 9 million barrels last week to 527.6 million barrels, which is about 7 million barrels below the highest levels ever, according to the Energy Information Administration . The increase is slightly lower than analysts' expectations in a Reuters poll of 10.6 million barrels.
