Oil prices climb; demand picks up as COVID-19 lockdowns ease

Release time:2020-05-26 Publisher:Lanka Voice

Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will stick to commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns are eased around the world.
US West Texas Intermediate (WTI) crude futures gained 3.2 percent, or $1.06, to $34.31 a barrel as of 0429 GMT, just off an intra-day high of $34.33. There was no WTI settlement on Monday because of the US Memorial Day holiday.
Brent crude futures were up nearly 1.7 percent, or 59 cents to $36.12, adding to a 1.1 percent gain on Monday in thin holiday trading.
The market was buoyed by comments from Russia reporting its oil output had nearly dropped to its target of 8.5 million barrels per day (BPD) for May and June under its supply cut deal with the Organization of the Petroleum Exporting Countries (Opec) and other leading producers, a grouping known as Opec+.

Source: Reuters

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