Oil is gaining more than 1% amid optimism about an economic recovery

Oil prices rose by more than 1% today amid the reopening of the economy in Europe as the British economy reopened as France and Spain eased restrictions related to the coronavirus and Portugal and the Netherlands relaxed travel restrictions. Brent crude futures, the global benchmark, rose 1.1% to $ 69.46 a barrel, and U.S. West Texas Intermediate crude futures rose 1.4% to $ 66.27 a barrel.

The US Energy Information Administration said that US oil production from seven major rock formations is expected to rise by 26,000 barrels per day to 7.73 million barrels per day in June, and retail gasoline prices in the United States rose to their highest level in seven years.