Oil jumps on increased demand as economies ease curbs

SINGAPORE: Oil extended gains in Asia Tuesday on signs of improving demand as coronavirus-hit major economies begin to ease strict curbs and as top producers slash output.

“Oil fundamentals are finally showing signs of improvement, and prices are reacting positively,” said AxiCorp global markets strategist Stephen Innes. Oil markets have been in turmoil for weeks as the virus strangles demand due to business closures and travel restrictions, with US crude at one point falling into negative territory for the first time.

Economies from Asia to Europe have started easing restrictions as the virus crisis passes its peak, helping to boost crude demand.

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