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The dollar fell on Friday as countries began lifting lockdowns, hinting of a recovery in demand caused by the coronavirus crisis.
Brent crude rose 1.5%, or 47 cents, at $29.33 per barrel. U.S. oil was up 1.5%, or 48 cents, at $24.03 per barrel.
Both contracts are nearing their second straight week of gains after suffering steep losses in April. However, some oil storages are still being filled, possibly capping further price gains.
U.S. crude inventories in Oklahoma rose by 407,000 barrels in the week ended May 5.
Meanwhile, Australia also began easing restrictions as the country’s coronavirus cases slowed down. The government will lift measures step-by-step in four weeks.
France and some states in the United States are also easing lockdown measures as the global economy tries to recover from the health crisis.
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 ...
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. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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