The International Energy Agency’s forecasts for a drop in oil reserves in the second half of the year are “taking off” crude oil prices.
Oil prices have been rising for the past two weeks, after easing restrictive measures in some countries.
West Texas Intermediate futures rose 8.98%, or $ 2.27, to close at $ 27.56 a barrel today, while Brent crude rose $ 1.94, or 6.65%. at $ 31.13 a barrel.
US crude oil inventories fell for the first time in 15 weeks, according to the Energy Information Service.