SINGAPORE: Oil prices climbed by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.
Brent crude was up $1.19, or 3.7%, at $33.69 a barrel by 0240 GMT, after touching a high since April 13. U.S. West Texas Intermediate crude was up $1.26, or 4.3%, at $30.69 a barrel, after rising to its highest since March 16.
“Oil prices may show further upside momentum as the easing in mobility restrictions grows,” said Stephen Innes, chief global market strategist at AxiCorp in a note, referring to curbs that were designed to counter the coronavirus.
