Oil prices surge as coronavirus lockdowns ease - Reuters

Oil prices surge as coronavirus lockdowns ease - Reuters:

Oil prices soared on Tuesday, as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.

The rally extended Brent crude’s gains to six straight days, while U.S. benchmark West Texas Intermediate has now rallied for five consecutive sessions. Fuel demand worldwide was down roughly 30% in April, but demand is rising modestly due to efforts to lift travel restrictions.

International benchmark Brent crude LCOc1 rose $3.77, or 13.9%, to settle at $30.97 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures gained $4.17, or 20.5%, to settle at $24.56 a barrel. 

Italy, Spain, Nigeria and India, as well as some U.S. states including Ohio, began allowing some people to go back to work and opened up construction sites, parks and libraries. Health experts, however, have warned that such moves could cause coronavirus infections to rise again.