The West Texas Intermediate barrel for June delivery was up 0.72 percent at $ 61.87 on the NYMEX fuel exchange in New York.
Brent crude for the month of June on the ICE Futures Europe fuel exchange in London cost $ 65.75 a barrel, up 0.54 percent.
Investors estimate that there is a “patchwork” recovery in fuel demand in the world, with signs of a resurgence in some countries. Declining oil demand in the United States and the United Kingdom, and in parts of Asia, including India, set world records for daily new corona virus infections.
There are concerns about the rising rate of epidemics during the month of Ramadan because millions of people go to places of worship.
Countries in Asia such as Indonesia and Malaysia are tightening travel restrictions to prevent an increase in corona virus cases.
“The oil market is between the current short-term weakness and the good old days,” said Howie Lee, an economist at the Overseas-China Banking Corporation.
“Fluctuations in fuel exchanges are likely to increase,” he adds.
Since the start of this week, WTI has fallen 2.1 percent on the New York Stock Exchange. (BAP Business)