Oil prices surged on Tuesday as optimism around ongoing production cuts and a recovery in demand with the reopening of economies around the world pushed prices higher.
West Texas Intermediate, the U.S. benchmark, jumped 20.45%, or $4.17, to settle at $24.56 per barrel. The contract gained 3.08% on Monday — closing above $20 for the first time since mid-April — and posted its fifth-straight day of gains, which is the longest daily winning streak since July. International benchmark Brent crude settled 13.86% higher at $30.97 per barrel, and also posted its fifth-consecutive positive session.
