Oil rises as countries ease lockdowns

The dollar fell on Friday as countries began lifting lockdowns, hinting of a recovery in demand caused by the coronavirus crisis.

Brent crude rose 1.5%, or 47 cents, at $29.33 per barrel. U.S. oil was up 1.5%, or 48 cents, at $24.03 per barrel. 

Both contracts are nearing their second straight week of gains after suffering steep losses in April. However, some oil storages are still being filled, possibly capping further price gains.

U.S. crude inventories in Oklahoma rose by 407,000 barrels in the week ended May 5.

Meanwhile, Australia also began easing restrictions as the country’s coronavirus cases slowed down. The government will lift measures step-by-step in four weeks.

France and some states in the United States are also easing lockdown measures as the global economy tries to recover from the health crisis.