Brent crude, a benchmark, rose more than 1 percent on Thursday to its highest level since March, supported by lower US crude inventories and supply cuts, led by OPEC, and improved demand as governments eased restrictions on the movement of individuals due to the Corona virus.
Brent rose 34 cents, or 1 percent, to set the settlement price at $ 36.09 a barrel. US West Texas Intermediate crude, up 43 cents, or 1.28 percent, to $ 33.92.
Crude prices tumbled in 2020, with Brent hitting its lowest level in 21 years, below $ 16 a barrel in April, as demand collapsed. Brent has risen to more than a lesbian since then amid increased fuel consumption and new signs of tackling oversupply.
In the latest sign of oversupply, US crude inventories fell 5 million barrels last week. Analysts expected it to increase.