Oil rises on optimism about Chinese demand for crude

Oil prices rose today on optimism about Chinese demand for crude as the Corona virus pandemic recedes in the hardest-hit regions, and US gasoline futures hit an all-time high today as falling inventories fueled supply fears.

An official in China said that Shanghai aims to reopen its doors widely and allow the normal life of the city's 25 million residents to resume from June 1, after it was announced that 15 of its 16 provinces had canceled cases outside the quarantine areas. Brent crude futures rose by $1.34, or 1.2%, to $112.89 a barrel, and US West Texas Intermediate crude futures rose by $2.22, to $112.71 a barrel.