New Delhi, April 30 (TIWN) Oil prices surged on Thursday with the WTI crude rising around 14 per cent on indications that fuel demand in the US is starting to pick up and the supply glut in the world's largest economy is not rising at the anticipated pace.

West Texas Intermediate (WTI) crude futures CLc1 climbed to a high of $17.35 a barrel and were up 14.3%, or $2.15, at $17.21 at 0350 GMT. The U.S. benchmark surged 22% on Wednesday.  Brent crude LCOc1 rose 10.3%, or $2.33 to $24.87 a barrel in light trading, with the June contract expiring on Thursday. The contract hit a high of $24.91 earlier in the session, having posted a 10% gain on Wednesday.  The most active Brent crude contract for July LCOc2 was up $2.10 or 8.7%, at $26.33 a barrel.