Oil rises above $31 as lockdown easings counter supply glut - Reuters

Oil rises above $31 as lockdown easings counter supply glut - Reuters:

Oil rose above $31 a barrel on Wednesday as hopes for a recovery in demand as some countries ease coronavirus lockdowns offset a report showing a higher-than-expected rise in U.S. inventories.

Brent crude has almost doubled since hitting a 21-year low reached on April 22, supported by expectations demand will recover and by a record supply cut led by the Organization of the Petroleum Exporting Countries.

Brent LCOc1 was up 45 cents, or 1.5%, at $31.42 a barrel at 0830 GMT, having risen in the past six sessions. West Texas Intermediate (WTI) crude CLc1 added 27 cents, or 1.1%, to $24.83.

“Clearly, the optimism of the re-opening of the global economy has supported the oil rally,” said Naeem Aslam, analyst at Avatrade.