Oil pumping jacks, also known as “nodding donkeys”, operate in an oilfield near Almetyevsk, Tatarstan, Russia, on Wednesday, March 11, 2020.
Andrey Rudakov | Bloomberg via Getty Images
Oil prices jumped by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.
Brent crude climbed $1.34, or 4.1%, to $33.84 a barrel by 1244 GMT, after touching a high since April 13. U.S. West Texas Intermediate crude was up $1.40, or 4.8%, at $30.83 a barrel, the highest in nine weeks or since March 16.
The June WTI contract expires on…