Oil prices gain on positive demand outlook

Oil prices gain on positive demand outlook

Oil prices gained on Tuesday after fuel demand turned positive as lockdowns began to ease in some parts of the world. 

West Texas Intermediate crude futures were up 6.5%, or $1.33, at $21.72 per barrel. 

Brent crude futures rose 4.8%, or $1.31, at $28.51 per barrel.

The market mood eased after U.S. states and countries in Europe and Asia lifted lockdown measures. 

In April, global oil demand plunged 30%. Analysts say that recovery from the decline would take months or years.

As major producers slashed output, the market dismissed a Texas energy regulator’s decision to stop a proposed 20% cut.

U.S. crude reserves rose for the 15th consecutive week, while oil inventories filled last week.

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