Oil Climbs for a Third Week Amid Output Cuts, Demand Rebound
- OPEC says it’s optimistic that worst of oil crisis is over
- WTI crude futures reach highest level since mid-March
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Oil climbed to the highest level since mid-March to post its third weekly gain as economies begin to reopen and signs continue to emerge that demand is recovering.
Futures in New York rose 19% during the week. OPEC is optimistic that the worst of the oil crisis is over and sees signs that the global economy is starting to recover. States in the U.S. are beginning to ease lockdown measures and reopen. Beaches in New York, New Jersey, Connecticut and Delaware will be open for Memorial Day, according to New York State Governor Andrew Cuomo.