Singapore
Oil prices rose in Asian trade Friday and were set to end the week with strong gains on signs demand is returning as some governments ease tough coronavirus lockdowns.
US benchmark West Texas Intermediate gained 4.5 percent to change hands at $24.62 per barrel, and has risen around 25 percent this week.
International benchmark Brent crude added 3.1 percent to trade at $30.38 a barrel, with the contract having added around 15 percent this week.
Oil markets were battered in April as the virus strangled demand owing to business closures and travel restrictions, with US crude falling into negative territory for the first time. But they are on course for their second weekly gain in a row as countries from Asia to Europe begin rolling back restrictions as they pass the peak of their outbreaks. The rally has been supported by a deal agreed between top producers to reduce output by almost 10 million barrels a day, which came into effect on May 1.—AFP
