Oil Maintains Gains for Fourth Day in Row

The oil prices rally continued on Tuesday, with expectations for demand recovery in the summer with more countries easing lockdown measures against the coronavirus pandemic.

More states in the U.S. plan to ease the remaining restrictions due to the increased rates of vaccination.

Brent Crude futures for August delivery rose for the fourth consecutive session by $1.13, or 1.55%, to close at $73.99 per barrel, its highest level since April 2019.

This marked the largest rise for the global benchmark’s most-active contract since June 2, and the biggest gain in Dollar terms since May 24.

Meanwhile, the West Texas Intermediate (WTI) crude futures for July delivery finished higher by $1.24, or 1.75%, at $72.12 a barrel, the highest closing level since October 2018.