Oil Makes Slow Recovery As Restrictions Ease – 4 May, 2020

An expected increase in demand for fuel as economies open back up helped push oil prices higher. Brent crude futures rose for a sixth consecutive day, gaining 4.3% to $28.37 per barrel. West Texas Intermediate crude futures rose to a three-week high, gaining as much as 8.2% to $22.06, rising for a fifth straight day. These against came as crude supply cuts take effect and  some countries cautiously ease lockdown restrictions. Analysts estimate that global demand for oil dropped by as much as 30% in April with the majority of the fall coming from grounded airlines as countries enforced travel restrictions which are expected to make a slow recovery. OPEC+ countries also cut oil output to balance the market.