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.