Brent oil jumps nearly 3 per cent after Trump lays out plan for easing coronavirus restrictions

Oil prices rose on Friday with Brent gaining nearly 3 per cent after President Donald Trump laid out guidelines on reviving a US economy ravaged by the coronavirus pandemic that has punched a huge hole in global demand for crude and refined products.

Brent was up by 75 cents, or 2.7 per cent, at $28.57 a barrel by 0058 GMT, while US crude for May delivery, which expires on April 21, was up 1 cent, or 0.1 per cent, at $19.88 a barrel. The more active June contract was up $1.1, or 4.3 per cent, at $26.63.

Trump laid out a three-stage process for ending lockdowns to stop the spread of the coronavirus that has now killed more than 32,000 Americans and nearly 140,000 worldwide, while some other countries were also relaxing restrictions.