US Oil Market Reports Modest Recovery

New York (News Desk): U.S. crude-oil market reported modest recovery as prices are now two-month high for the commodity in electronic trade on Sunday.

West Texas Intermediate crude for June delivery CLM20, +4.17% was up $1.19, or around 4%, at $30.71 a barrel late Sunday in electronic trade in New York. On Friday, prices logged a weekly gain of 19%, according to Dow Jones Market Data.

The June contract expires at Tuesday’s settlement. Investors are watching situation warily as Japan has reported a recession while US Fed Chair had also not shared encouraging scenario in a Tv interview.

Stephen Innes, global chief market strategist at AxiCorp, in a daily research note: “Oil prices may show further upside momentum even more so as the easing in mobility restrictions grows. “Indeed, the market is knocking in WTI $30 door, which will be a significant psychological inflection point if traders put some decent headroom above that key level.”

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