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Oil prices climbed for a fifth day running on Tuesday as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures, raising hopes for a partial recovery in fuel demand.
Benchmark Brent crude jumped 7.5 percent to $29.25 a barrel, while West Texas Intermediate (WTI) crude futures were up more than 10 percent at $22.50 per barrel. The U.S. benchmark has closed higher for the last four sessions.
Italy finally eased lockdown restrictions with strict guidelines after two months. The country has allowed 4.5 million people to return to work but not without masks and gloves. Restaurants, parks and public transports have been re-opened too.
Spain continues to be in a state of lockdown, but easing of restrictions have been announced across the country.
California Gov. Gavin Newsom said some businesses will reopen as early as Friday, with conditions. Andrew Cuomo of New York has outlined a phased reopening in the U.S. state hardest hit by the Covid-19 pandemic.
India started reopening its factories after spending more than a month in strict lockdown. Hong Kong may soon reopen cinemas and gyms.
As lockdowns ease, there are expectations for a recovery in vehicle traffic and fuel demand. Swiss bank UBS said the easing of restrictions would help lead to a balance in supply and demand for the oil market in the third quarter.
