Oil prices climb as easing of lockdowns fuels hopes for recovery in fuel demand - Reuters

Oil prices climb as easing of lockdowns fuels hopes for recovery in fuel demand - Reuters:

Oil prices rose on Tuesday, boosted by hopes for a swift recovery in fuel demand as coronavirus lockdown measures are eased across the globe, but gains were capped by the spectre of persistent oversupply in the market.

Brent crude futures rose 0.5%, or 22 cents, by 0647 GMT to $41.02 a barrel. The benchmark contract had fallen $1.50 on Monday, snapping a seven-day streak of gains.

U.S. West Texas Intermediate (WTI) crude futures rose 0.8%, or 31 cents, to $38.50 a barrel, after dropping by $1.36 on Monday.

“With Brent holding very nicely above $40, there’s talk among traders that WTI will test that level soon,” said Michael McCarthy, chief market strategist at CMC Markets.