Oil rises for second day on global demand recovery hopes
Oil prices rose in European trade for another session on hopes for a strong recovery for global demand and amid steps to relax strict Covid 19 quarantine measures.
US crude rose 0.55% to $39.28 a barrel, while Brent climbed 0.7% to $41.68 a barrel.
US crude marked a 2.7% profit yesterday, the first three days away from week lows at $37.10, while Brent added 2.9%.
Satellite images showed strong traffic rebound in China, the US, and Europe after the Covid-19 led slump for months, while international air travel is resuming operations as well.
Global demand tumbled over 30 million barrels, or 30% due to the Great Closure that was forced on the global economy due to the coronavirus pandemic.
However in the US, official data showed crude inventories hit a new record high while output rose for the first time in three months, raising concerns of another supply glut.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1246
|
-0.0031
|
0.2718%
|
|
|
|
|
1.2486
|
0.0178
|
1.4462%
|
|
|
|
Tadawul
|
7312.24
|
58.91
|
0.81%
|
|
|
|
|
18.047
|
0.268
|
1.507%
|
|
|
|
|
40.285
|
1.510
|
3.894%
|
|
|
|
|
42.80
|
-0.34
|
0.79%
|
|
|
|
|
1774.730
|
3.115
|
0.176%
|
|
