Global crude oil prices rose today, with investors hoping that a big build-up in US inventories may mean producers have little option but to deepen output cuts, as the coronavirus pandemic ravages demand. So the Brent crude futures gained 19 cents, to trade at 27.50 dollars a barrel. US crude futures moved up 7 cents, to 19.94 dollars a barrel.

Energy Information Administration data also showed large US refined fuels stock builds, despite refiners operating at 69 percent of capacity nationwide, the lowest since September 2008.

The stockpile figures followed a report from the International Energy Agency, that forecast oil demand would fall by 29 million barrels per day in April, to the lowest in 25 years, and to just below 30 percent of pre-coronavirus global demand levels.