Oil prices surge on demand hopes as lockdowns ease - Reuters

Oil prices surge on demand hopes as lockdowns ease - Reuters:

Oil prices soared higher on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures. 

International benchmark Brent crude LCOc1 rose $2.77, or 10.2%, to $29.97 a barrel by 11:30 a.m. EDT (1530 GMT).

U.S. West Texas Intermediate (WTI) crude CLc1 futures traded $3.47, or 17%, higher at $23.86 a barrel.

Brent has closed higher the previous five sessions, while WTI has closed higher for the last four.