Oil was up on Tuesday morning in Asia, building on its gains from the previous session.

Brent oil futures rose 1.40% to $28.23 by 9:43 PM ET (2:43 AM GMT) and WTI futures jumped 6.38% to $21.69.

Demand for the black liquid continues to rise cautiously. This comes as some countries kickstart economic activity after emerging from weeks-long lockdowns to curb the spread of the COVID-19 virus.

The production cuts agreed to by OPEC+ members in early April, in addition to cuts from some U.S. producers, have played their part in reducing output, with second-quarter production levels expected to see a 17-year low.

But as worldwide fuel demand fell by an estimated 30% in April due to the lockdowns, crude oil can expect to face weaker demand for several more months.

Investors will also continue to keep a close eye on the increased U.S.-China tensions as the two countries dispute the origins of the COVID-19 virus.

Last updated on Tue., May 5, 2020.