Oil prices recover from sharp losses caused by U.S. stockpile surge

• Oil prices were broadly stable on Thursday after sharp losses in the previous session, with investors hoping 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.
• With official data showing U.S. inventories surging the most on record, U.S. West Texas Intermediate fell on Wednesday to its lowest since February 2002, with Brent losing more than 6%.
• Brent crude gained 86 cents, or 3.1%, to trade at $28.57 per barrel. WTI was up 26 cents, or 1.3%, at $20.12 per barrel.

 (Source: CNBC)