Hopes For Easing Restrictions Helps Oil Prices Rise – 7 May, 2020

As more countries begin to ease lockdown set in place due to the fast spreading deadly coronavirus, oil prices began to rise with hopes that demand will once again pick up. Brent crude rose 47 cents or 1.5% to $29.33 per barrel after falling nearly 1% the previous day. U.S. oil was up 48 cents or 1.5% to $24.03 per barren, having fallen almost 2% the previous session. The commodity is finally seeing some gains after plummeting in April, though rising inventories have been a major concern in market pricing.