Oil prices surge over 10% Thursday (Update)

West Texas Intermediate (WTI) crude futures climbed to a high of US$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

MELBOURNE/SINGAPORE: Oil prices jumped on Thursday, 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.

West Texas Intermediate (WTI) crude futures climbed to a high of US$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.