Oil prices rose during Monday's trading, supported by production cuts as well as a gradual rise in demand as countries continue to ease the closure measures associated with the Coronavirus.
As of 08:35 GMT, West Texas Intermediate (WTI) crude futures traded at $30.93 per barrel, while the highest level recorded during the session was at $31.24. That is the highest level since March 16.
Brent crude reached $33.62 a barrel, while the highest level recorded during the session was at $33.98, touching the highest level since April 13 earlier today.
Black gold has been supported by additional signals confirming a gradual return to fuel demand, amid the fact that more countries are easing restrictions imposed since March to contain the spread of the Corona pandemic.
Oil prices rose as the June contract is about to expire, but it is unlikely to repeat the same scenario in the past contract, when prices fell in the negative range for the first time.
A combination of deteriorating crude demand due to the outbreak of the Covid-19 virus, as well as a shrinking oil storage capacity, particularly in the United States, contributed to unprecedented losses in nearly two decades within the crude markets.
The repercussions of the fight against the deadly pandemic have cast a negative shadow on economic activity and led to its stagnation throughout the world, and consequently the demand for oil.
The positive mood was boosted when US Federal Reserve Chairman Jerome Powell issued an optimistic forecast of the economy's ability to recover from the coronavirus by the end of the year.
"Assuming there is no second wave of coronavirus, I think you will see the economy recover steadily in the second half of this year," Powell said on Sunday.
US oil exploration activity data shows US crude production is declining, as more companies have closed their exploration platforms.
Earlier this month, the kick off of a landmark agreement to reduce oil production levels by OPEC member states and non-OPEC producers have started the recovery in crude prices.
Meanwhile, the dollar
index, which measures the performance of six major currencies against the US
dollar, traded lower at 100.19.