Today’s Crude Oil News Updated By Gates Commodity

Oil prices rose on Friday as more countries began easing lockdowns set in place to stop the coronavirus spreading, giving hope that demand for fuels will pick up after the economic devastation caused by the pandemic.

Brent Crude was up 47 cents, or 1.5%, at $29.33 a barrel by 0121 GMT, having fallen nearly 1% on Thursday.

U.S. oil gained 48 cents, or 1.5%, to $24.03 a barrel, after a decline of nearly 2% in the previous session.

Both contracts are heading for a second week of gains after the depths plumbed in April, when U.S. oil crashed below zero. But crude is still being pumped into storage tanks on land and tankers at sea, raising the prospect that gains prompted by stronger demand will be capped.

“Even with the early signs that demand is beginning to stabilise, inventory builds are likely to continue for some time, and storage capacity (usage) continues to creep up,” said Stephen Innes, chief market strategist at AxiCorp.

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