Crude oil prices surge on demand hopes as lockdowns ease
NEW YORK: Oil prices soared higher on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several US states began to ease coronavirus lockdown measures.
International benchmark Brent crude rose $2.77, or 10.2 per cent, to $29.97 a barrel by 11:30 a.m. EDT (1530 GMT).
US West Texas Intermediate (WTI) crude futures traded $3.47, or 17 per cent, higher at $23.86 a barrel.
Brent has closed higher the previous five sessions, while WTI has closed higher for the last four.
