Brent oil rises 3% after Trump announces guideline to lifting restrictions

Oil prices gained on Friday with Brent rising almost 3% after President Donald Trump revealed the guidelines on reviving the U.S. economy.

Brent rose 2.7%, or 75 cents, at $28.57 per barrel. U.S. crude for May delivery was up by 0.1%, or 1 cent, at $19.88 per barrel, while the June contract gained 4.3%, or $1.1, at $26.63.

Trump revealed a three-step guideline into lifting the lockdowns and re-opening the economy.

The mood in the oil and stock markets were lifted by an easing in the health crisis.

However, both Brent and U.S. oil are nearing their second week of consecutive losses, with the latter almost at an 18-year low.

The Organization of the Petroleum Exporting Countries (OPEC) announced a cut in its global oil demand forecast for 2020, adding that it may not be the last cut.

Over the weekend, OPEC and its allies including Russia announced an output cut of 10 million bpd. Non-OPEC oil producers including the United States have also announced a plan to slash production.