Oil prices climbed by more than $1 a barrel on Monday to their highest in more than a month, supported by continuing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.
Brent crude was up $1.19, or 3.7 percent, at $33.69 a barrel by 02:40 GMT, after touching a high since April 13. United States West Texas Intermediate (WTI) crude was up $1.26, or 4.3 percent, at $30.69 a barrel, after rising to its highest since March 16.
“Oil prices may show further upside momentum as the easing in mobility restrictions grows,” said Stephen Innes, chief global market strategist at AxiCorp in a note, referring to curbs that were designed to counter the coronavirus.
“Assuming there is not a second wave of the coronavirus, I think you will see the economy recover steadily through the second half of this year,” Powell said Sunday night in broadcast remarks.