Oil rises over 5% after jump in US inventories

Wednesday, 08. April 2020 04:07

Prices of crude oil extended gains in overnight trade on Tuesday, rising over 5% after API data showed an increase of 11.94 million barrels in US oil inventories. Additionally, a bipartisan group of US lawmakers earlier introduced a $3 billion funding bill for buying oil for the country's Strategic Petroleum Reserve (SPR).

West Texas Intermediate for May settlement went up by 5.29%, going for $24.90 per barrel at 9:56 pm ET, while Brent for deliveries in June added 2.38% to sell for $32.62 per barrel at 9:54 pm ET.

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