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5/18, 9:49 AM (Source: TeleTrader)
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Oil gains 1% as recovery hopes grow

The prices of oil increased by 1% on Tuesday, extending the previous day's gains and bringing both Brent and West Texas Intermediate to levels last recorded in early March.

The optimism among traders was backed by positive news regarding the vaccination against the COVID-19 and the relaxation of virus containment measures across both Europe and the US.

Brent for July delivery gained 0.95% to go for $70.12 per barrel at 3:39 am ET, while West Texas Intermediate for June settlements advanced 0.94% to $66.89 per barrel at 3:38 am ET.

Breaking the News / BU