Oil prices rose on Friday with Brent gaining nearly 3per cent after President Donald Trump laid out guidelines on reviving a U.S. economy ravaged ...
Oil prices rose on Friday with Brent gaining nearly 3per cent after President Donald Trump laid out guidelines on reviving a U.S. economy ravaged by the coronavirus pandemic that has punched a huge hole in global demand for crude and refined products.
Brent was up by 75 cents, or 2.7per cent, at US$28.57 a barrel by 0058 GMT, while U.S. crude for May delivery, which expires on April 21, was up 1 cent, or 0.1per cent, at US$19.88 a barrel. The more active June contract was up US$1.1, or 4.3per cent, at US$26.63.Trump laid out a three-stage process for ending lockdowns to stop the spread of the coronavirus that has now killed more than 32,000 Americans and nearly 140,000 worldwide, while some other countries were also relaxing restrictions.
Optimism that there may be signs of an easing of the health crisis is sending stock and other riskier markets like oil higher. "Downward risks remain significant, suggesting the possibility of further adjustments, especially in the second quarter," OPEC said of the demand forecast.
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