U.S. West Texas Intermediate (WTI) crude futures rose as much as US$1.16 to a high of $21.47, and were up 4.8%, or 97 cents, at $21.28 as of 2302 GMT.The market bounced slightly following a drop on Wednesday after U.S. crude stockpiles rose 13.8 million barrels in their biggest weekly increase since 2016. Brent futures slid 6% on Wednesday.
MELBOURNE: U.S. crude oil futures opened 5% higher on Thursday, reversing Wednesday's losses, despite growing concerns about a looming economic depression due to the coronavirus pandemic.
U.S. West Texas Intermediate (WTI) crude futures rose as much as US$1.16 to a high of $21.47, and were up 4.8%, or 97 cents, at $21.28 as of 2302 GMT.
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