Oil Prices Rise Above $40 on Demand Hopes

Oil prices climbed Friday, sending U.S. crude above $40 a barrel with traders hopeful that global fuel demand will rebound more quickly than anticipated. U.S. crude futures for delivery in July rose 3.4% to $40.17 a barrel, heading for their highest close since early March. Prices started the year above $60, briefly collapsed below $0 for the first time ever in late April due to a global glut of oil and are now rebounding with drivers returning to the road and producers curtailing supply….

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