Oil jumps to two-month high on easing lockdowns, positive vaccine results

In the first half of May, OPEC+ has cut oil exports sharply, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement

Oil prices on Monday jumped to their highest in over two months on positive early results on a potential coronavirus vaccine, optimism about a resumption in economic activity and signs producers were following through on planned output reductions.

Brent futures for July delivery rose $2.31, or 7.1%, to $34.81 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.39, or 8.1%, to $31.82.

That was the highest settles for Brent and WTI since March 11, just a few days after prices started to collapse following the failure of a production cut agreement between the Organization of the Petroleum Exporting