2020.04.2919:57:00UTC+00Oil Futures Settle Sharply Higher

Crude oil prices rose sharply on Wednesday, rebounding from losses in the previous two sessions.

Data from the Energy Information Information showing a smaller-than-expected increase in crude stockpiles in the week ended April 22, and some positive news about treatment of the COVID-19 pushed up crude oil prices.

Positive reaction to news about several places in Europe and some U.S. states reopening businesses after a prolonged shutdown contributed as well to the rise in oil prices.

West Texas Intermediate Crude oil futures for June ended up $2.72, or about 22%, at $15.06 a barrel, after rising to a high of $16.78 at one point.

Brent Crude futures moved up $2.08, or about 10.2%, to $22.54 a barrel.

According to the data released by the Energy Information Administration (EIA) this morning, crude stockpiles rose by about 9 million barrels in the U.S. in the week ended April 24, lower than an expected rise of about 11.7 million barrels.

According to the data, crude production in the U.S. fell by 100,000 barrels per day last week.

A report released by the American Petroleum Institute late Tuesday said crude inventories in the U.S. climbed up 10 million barrels last week.