Oil prices soared on Thursday, on signs the US crude glut is not growing as quickly as expected and gasoline demand impacted by COVID-19 restrictions is starting to pick up.

 

West Texas Intermediate (WTI) crude futures climbed to $17.35 a barrel and were up 14.3%, or $2.15, at $17.21 at 0350 GMT.

 

Brent crude rose 10.3%, or $2.33 to $24.87 a barrel in light trading.

 

On April 12, OPEC, Russia and other oil producing nations agreed to reduce output by 9.7 million barrels per day (bpd) for two months, Argaam reported.

 

OPEC said it would ease output cuts between July and December by 2 million bpd and by further 2 million bpd between January 2021 and April 2022.

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