WTI crude oil prices have dipped slightly but are all set to register the fourth consecutive weekly gains on Friday as markets look forward to economies around the world reopening after several weeks of lockdown due to the coronavirus pandemic. At the time of writing, WTI crude oil is trading at around $31.30 per barrel.

So far this week, WTI crude oil has gained around 15% of its value over hopes of oil demand recovering as countries lift lockdown measures and restart economic activity. With road traffic also resuming in multiple countries, the demand for gasoline has also started rising higher lately.

In addition to the optimism around reopening of economies, US oil prices have also been supported by a surprising drop in crude inventories over the previous week, although traders have cautioned that this has more to do with producers cutting supply than demand picking up.

Crude oil prices have also been bolstered by production curbs by leading oil producing nations around the world. While OPEC+ countries have already implemented a 9.7 million barrel supply cut since the beginning of May, other countries like Saudi Arabia and Kuwait have pledged to cut down supply even further to offset the weakness in demand.