Lockdown eases, global oil prices rise

Global oil prices rose on Friday after a number of countries around the world eased lockdown efforts to prevent the spread of the corona virus.
According to the British news agency Reuters, it is hoped that the demand for oil will now increase after the economic catastrophe caused by the corona virus.
The downturn in the oil market was due to lockdowns and travel bans by most countries around the world.

After China, the United States and several European countries locked down major cities and banned transportation to prevent the spread of the corona virus, which led to a drop in oil demand.
Brent crude rose 47 cents, or 1.5 percent, to  29.33 Dollar  a barrel after the lock down eased, down nearly 1 percent on Thursday.
US oil prices rose 48 cents, or 1.5 percent, a barrel, after falling nearly 2 percent the day before.
Brent crude and US oil prices are set to increase in the second week after a sharp drop in oil prices in April.
The US oil market crashed in April, but crude oil is still being stored in offshore tankers and storage due to increased demand.

Oklahoma has increased its oil storage capacity in the United States by 470,000 barrels this week. Earlier in April, the United States ran out of oil storage capacity due to a drop in demand.
After other countries, Australia is also going to ease the lock down and sanctions. The government will gradually ease sanctions in four weeks, the source told Reuters.
 France, the US state of Michigan and several other countries are also planning to ease sanctions.