Oil Continues To Gain As China Opens Up – 14 May, 2020

Oil prices extended gains on Friday, rising as Chinese data shows an increased demand for crude as the country eases lockdown restrictions. International Brent crude rose 1.3% or 39 cents to $31.52 per barrel having gained 7% the previous session, on track for a 1.8% gain for the week and a third straight week of rises. U.S. West Texas Intermediate oil rose 0.7% or 19 cents to $27.75 per barrel after gaining 9% the previous session, on track for a third weekly gain and up 12%. Optimism that global supplies are leveling out as well as OPEC cuts have helped boost crude. OPEC has cut nearly 10 million barrels per day of production this month and hopes to extend cuts beyond June, with Saudi Arabia announcing planned June reductions by 5 million barrels per day.