On Tuesday, the 5th of May 2020, both US and UK crude oil futures’ prices had witnessed flabbergasting upsurges, while the US WTI crude futures skyrocketed more than 20 per cent and the Brent crude futures’ prices gained over 10 per cent, as a number of major economies in Europe, Asia alongside a slew of US states had begun to relax the pandemic-led lockdown measures.
On top of that, along with Tuesday’s (May 5th) gains, the UK crude has now gained for six straight sessions in a row, while the US West Texas Intermediate crude futures’ prices have extended their gains in to consecutive fifth sessions, however, fuel demands were down by more than 30 per cent last month, but the demand cycle appears to be uncloaking a gradual success in uphill battle as China, the world’s largest oil importer, had reported a fairly modest Caixin manufacturing PMI (Purchasing Managers’ Index) data of 49.4 later last week.
Meanwhile, voicing a cautiously optimistic tone over crude oil demands, a senior analyst at Price Futures Group, Phil Flynn said on Tuesday (May 5th), “The market is starting to realize that demand destruction has been terrible, but we’re reopening and demand is going to get better.
But the production pullback is just beginning. ” Citing statistics, on Tuesday’s (May 5th) market closure, the US West Texas Intermediate crude oil futures’ prices had skyrocketed by 20.5 per cent to settle down the day at $24.56 per barrel, while the International benchmark UK crude futures had reported a surprise gain of 13.9 per cent to $30.97 per barrel.