Oil prices rise after sharp losses caused by U.S. stockpile surge [Toronto Globe and Mail (Ontario, Canada)]
JULIUS BAER GRP UNSP/ADR (JBAXY)
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Source: Toronto Globe and Mail
Oil prices rise after sharp losses caused by U.S. stockpile surge Oil prices rose on Thursday after sharp losses in the previous session, with investors hoping that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand. With official data showing U.S. inventories surging the most on record, U.S. West Texas Intermediate (WTI) fell on Wednesday to its lowest since February 2002, while Brent fell by more than 6 per cent. Brent crude was up $1.15, or 4.2 per cent, at $28.84 a barrel by 1225 GMT. WTI was up 33 cents, or 1.7 per cent, at $20.20. Brent is headed for a weekly fall of around 8 per cent and WTI of 11 per cent. “Oil prices must remain depressed to force shut-ins among non-cartelised producers,” said Norbert Ruecker, head of economics at Swiss bank Julius Baer, referring to producers such as the United States, where a lot of production is unprofitable at current prices. “We stick to our Neutra
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