Shafaq News / Oil prices jumped again on Tuesday, thanks to hopes for a recovery in demand for fuel, as some American states, European countries, and Asia began easing general isolation measures imposed to contain the spread of the emerging Corona virus.

US West Texas Intermediate crude futures rose 9.9 % or $ 2.01 to $ 22.40 a barrel by 0705 GMT. This is the 5^th  consecutive session in which US crude has been rising.

Brent crude futures rose 6.9 %, or $ 1.87, to $ 29.07 a barrel, to rise for the 6^th straight session.

Expectations for fuel demand improved with the start of US states and several countries, including Italy, Spain, Portugal, India, and Thailand, to allow some to return to work, resume work on construction sites, and open parks and libraries.

But analysts said global oil demand likely fell by about 30 % in April and the recovery is likely to be slow, especially with expectations for most international airlines to continue stalling for months.

The markets ignored a decision by the energy regulator in the US state of Texas, the largest oil producing state in America, to drop a proposal to cut production by 20 % in light of Saudi Arabia, Russia, and other major oil producing countries and prominent companies to produce them.

A preliminary survey of Reuters shows that US oil stocks will rise for the 15^th week in a row, while oil product stocks are likely to have increased also last week.