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

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

Oil bounces back as rising stockpiles seen pointing to lower output amid coronavirusOil 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. Brent crude was up 69 cents, or 2.5%, at $28.38 a barrel by 0102 GMT. U.S. West Texas Intermediate (WTI) was up 56 cents, or 2.8%, at $20.43.