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Oil Prices Rise On Supply Cut Hopes, Easing Of Coronavirus Lockdowns


Tuesday, 26 May 2020 12:28 WIB

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Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will to 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.

U.S. West Texas Intermediate (WTI) crude futures gained 3.2%, 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 U.S. Memorial Day holiday.

Brent crude futures were up nearly 1.7%, or 59 cents to $36.12, adding to a 1.1% gain on Monday in thin holiday trading.

Source : Reuters


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