Oil prices rallied Friday as massive output cuts began to kick in and top producers said they would turn the taps lower, while there were also hopes for a pick-up in demand as economies slowly reopen.
After a diabolical month for the commodity in which the May WTI contract fell to a mind-boggling minus $40, investors were a little more upbeat about the outlook, though analysts warned the market was not yet out of the woods.
In early trade, US benchmark WTI for June was up almost five percent at $19.75, having piled on 25 percent in each of the previous two days.
Brent for July delivery gained 2.4 percent to $27.12 on its first day of trading, with the June contract closing without any of the flurry of selling suffered by US oil two weeks ago.
