Oil Finished at Highest Level in Five Months

Oil prices rose on Tuesday to its highest level in about five months, supported by positive economic data that signals the global recovery from the economic impacts of the COVID-19 crisis.

The global benchmark Brent crude futures rose by 28 cents or 0.6% and settled at $44.43 per barrel, its highest closing level since March 6.

Meanwhile, the US crude West Texas Intermediate (WTI) futures closed higher by 69 cents or 1.7% at $41.70 per barrel.

This comes despite recent data showing that ouput by OPEC members increased by more than one million barrels per day (bpd) last month, with many countries ending their voluntary extra supply cuts.