Oil prices rise on supply cut hopes, easing of coronavirus lockdowns

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MELBOURNE/SINGAPORE (Reuters) – Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will to stick to commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns are eased around the world.

FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann

U.S. West Texas Intermediate (WTI) crude futures gained 3.2%, or $1.06, to $34.31 a barrel as of 0429 GMT, just off an intra-day high of $34.33.

There was no WTI settlement on Monday because of the

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An easing of coronavirus prevention measures helps China’s auto plants rev up

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YUYAO, China/SHANGHAI (Reuters) – In the eastern Chinese city of Yuyao, a group of five face-masked workers at a Geely auto plant, stood almost shoulder to shoulder behind an SUV as they conducted paint and other quality checks.

Employees wearing face masks following the coronavirus disease (COVID-19) outbreak work on a Lynk & Co car production line at Geely’s Yuyao plant in Ningbo city, Zhejiang province, China May 7, 2020. Picture taken May 7, 2020. REUTERS/Yilei Sun

That scene would not have been possible a month ago.

But Reuters visits to six factories including those operated by Daimler AG’s (

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Global luxury gloom to deepen despite easing lockdowns: Bain

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MILAN (Reuters) – Global sales of luxury goods are expected to slump by 50% to 60% in the second quarter even as some countries begin to ease coronavirus lockdowns and despite signs of recovery in the Chinese market, consultancy Bain said on Thursday.

FILE PHOTO: A Dior store in Paris, France, January 27, 2020. REUTERS/Gonzalo Fuentes

The coronavirus crisis, which first hit China late last year before spreading to Europe and the United States, has kept shoppers at home and forced retailers to shut stores, resulting in a crushing halt to a decade of spectacular growth for high-end brands.

With

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Social bubbles might not work in easing lockdowns

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New Zealand has already allowed people to expand their social bubbles to contact with close family outside their own households.

Philippe Beyer/EyeEm/Getty Images

As more countries look to lift their coronavirus lockdowns, “social bubbles” have been floated as an idea of how to ease restrictions, but experts say they could be difficult to put into practice.  

A social bubble entails allowing people to form a group with a select number of people they are allowed to see socially outside their own household. 

They have been put forward as a way to continue containing the spread of Covid-19, which has infected

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