Oil
prices rose during Friday's trading, with crude heading to its second weekly
rise in a row, amid easing restrictions of the Corona pandemic by some
countries, which paves the way for increased demand.
As
of 07:44 GMT, West Texas Intermediate (WTI)
crude futures traded at $24.07 per barrel, while the highest level
recorded during the session was at 24.98.
Brent
crude reached $29.84
a barrel, while the highest level recorded during the session was at $30.67.
The
black gold benefited from more countries starting to ease restrictions imposed
to halt the Corona pandemic spread, which boosted hopes for recovery in demand
for crude oil.
Australia
was the latest country to plan to ease restrictions on closures as the
transmission rate of the pandemic slows, as it aims to ease limitations on
social separation in three stages.
France,
parts of the United States and countries such as Pakistan also plan to ease
restrictions imposed to counter the spread of the world's worst health crisis
in a century.
Brent
and West Texas are currently for a second straight weekly advance, witnessing
an increase of 13 and 21 percent respectively, so far, this week.
However,
concerns remain over supply glut, as the amount of crude stored increases,
raising the possibility that any increase driven by strong demand will be
limited.
On
the other hand, traders said yesterday, that US crude stocks in Cushing Storage
Center in Oklahoma increased by about 407 thousand barrels in the week ended
May 5.
Meanwhile, the dollar
index, which measures the performance of six major currencies against the US
dollar, slumped 0.12 percent at 99.79.