Oil prices jump as demand shows signs of picking up - Reuters

Oil prices jump as demand shows signs of picking up - Reuters:

U.S. crude prices jumped 7% on Friday to their highest since March, on strengthening fuel demand as countries around the world eased travel restrictions they had imposed to curb the spread of the coronavirus.

U.S. crude gained 19.7% in the week and Brent crude rose 5.2% after a week of bullish news. Both contracts gained for the third consecutive week.

West Texas Intermediate (WTI) oil settled up $1.87, or 6.8% at $29.43 a barrel, just off the session peak of $29.92, its highest since mid-March. WTI soared 9% in the previous session.

Brent crude settled up $1.37, or 4.4% a barrel at $32.50. Brent rose nearly 7% on Thursday.

The second-month contract for U.S. crude traded at a discount to the first month for the first time since late February, implying market tightness, said Bob Yawger, director of energy futures at Mizuho in New York.