Oil prices jumped this morning, extending steep gains in the previous session on signs the U.S. crude glut is not growing as quickly as expected and that gasoline demand battered by Covid-19 restrictions is starting to pick up.
WTI crude futures climbed to a high of $17.35 a barrel and were up 14.3%, or $2.15, at $17.21 at 0350 GMT. The U.S. benchmark surged 22% on Wednesday.
Brent crude rose 10.3%, or $2.33 to $24.87 a barrel in light trading, with the June contract expiring on Thursday. The contract hit a high of $24.91 earlier in the session, having posted a 10% gain on Wednesday.
The most active Brent crude contract for July was up $2.10 or 8.7%, at $26.33 a barrel, CNBC reported.
