LONDON (Reuters) – Oil rose on Thursday, spurred by rising tensions in the Middle East, output cuts by producing nations to tackle oversupply and the promise of more government stimulus to ease the economic pain of the new coronavirus pandemic.
FILE PHOTO: A pumpjack is shown outside the Midland-Odessa area in the Permian basin in Texas, U.S., July 17, 2018. REUTERS/Liz Hampton/File Photo
Brent crude LCOc1 was up $1.89, or 9.3%, at $22.26 per barrel by 1402 GMT. U.S. crude CLc1 rose $3.43, or 25%, to $17.21 a barrel.
Oil prices have suffered one of their most tumultuous weeks.
The expiring WTI front-month contract CLc1 on Monday fell into negative territory for the first time as traders paid buyers to take crude off their hands given a lack of storage space due to the current supply glut.
Brent has lost roughly two thirds of its value this year.
Concerns about the collapse in demand because of travel restrictions to contain the coronavirus pandemic and a shortage of space to store…
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