Last Thursday (21), oil prices advanced touching highs since March and closed the day on a high. The result is a result of falling inventories in the United States, Opec-led production cuts and improved demand as governments ease restrictions on the movement of people adopted against coronavirus.
With fuel usage growing and more signs that oversupply is being tackled, Brent has more than doubled in value. At 0823 AEDT, Brent crude rose $0.71, or 1.99%, to $36.46 per barrel. So did U.S. crude, which advanced $0.63, or 1.88 percent, to $34.12 per barrel.
Rystad Energy analyst Paola Rodriguez said global supply has been "contained to some extent" and commented on the bullish: "We are on a clearer path to a gradual recovery now."