Oil prices rose in Asian trade today and were set to finish the week with strong gains on signs demand is returning as some governments mitigate hard lockdown due to the coronavirus.
US benchmark West Texas Intermediate gained 2.25 percent to vary hands at $24.08 per barrel, and has risen about 20 percent within the current week.
International benchmark Brent crude added 1.66 percent to trade at $29.95 per barrel, with the contract having added above 10 percent within the current week.
Oil markets were thrashed in April because the virus strangled demand due to the closures of business and restrictions in travelling , with US crude falling into negative territory for the very first time.
But they have begun to rally as governments from Asia to Europe begin rolling back restrictions as they pass the top of their outbreaks, with new infections and deaths slowing.
The rally has been well-kept by a contract agreed between top producers to cut back output by almost 10 million barrels each day, which became effective on the first day of May.
Further helping markets, Kingdom of Saudi Arabia declared yesterday that it might increase prices on most of all grades of oil for June, indicating it wants to increase prices instead of win market share.
But analysts alerted that the recovery are gradual as investors struggle to measure how quickly demand will return after a sudden halt in global economic activity.
