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Oil prices gained on Tuesday after fuel demand turned positive as lockdowns began to ease in some parts of the world.
West Texas Intermediate crude futures were up 6.5%, or $1.33, at $21.72 per barrel.
Brent crude futures rose 4.8%, or $1.31, at $28.51 per barrel.
The market mood eased after U.S. states and countries in Europe and Asia lifted lockdown measures.
In April, global oil demand plunged 30%. Analysts say that recovery from the decline would take months or years.
As major producers slashed output, the market dismissed a Texas energy regulator’s decision to stop a proposed 20% cut.
U.S. crude reserves rose for the 15th consecutive week, while oil inventories filled last week.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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