Oil bounces back as rising stockpiles seen pointing to lower output amid coronavirus

spike

TOKYO (Reuters) – Oil rose on Thursday, with U.S. crude rebounding from near-20-year lows in the previous session on hopes 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.

FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File Photo

Brent crude LCOc1 was up 69 cents, or 2.5%, at $28.38 a barrel by 0102 GMT. U.S. West Texas Intermediate (WTI)

Read More