Oil climbs as Trump lays out reopening of virus-hit US

 Oil prices pushed higher Friday as President Donald Trump's plan for a reopening of virus-battered United States offset worries about a devastating supply shock triggered by pandemic.



Brent crude, international benchmark, was up nearly three percent in Asian trade at 28.65 a barrel while US benchmark WTI rose 0.6 percent to 19.99 a barrel -- but still around its lowest level since 2002.

Oil markets tracked a rise in Asian stock markets and on Wall Street overnight.

Prices have suffered massive falls as virus outbreak triggers worldwide lockdowns and travel restrictions which have throttled demand, while a Saudi-Russian price war compounded crisis.

Riyadh, kingpin of exporting group OPEC, and n-OPEC member Moscow ended ir dispute last weekend when y led a group of top producers in striking a deal to cut output by nearly 10 million barrels a day to boost battered markets.

But prices have fallen even furr since, with analysts saying it will t be eugh to make up for loss in demand prompted by virus.

International Energy ncy said this week that 2020 was likely to be " worst year in history" of sector, while OPEC warned Thursday that oil markets were undergoing a "historic shock".

But prices found some support as traders headed into weekend, after Trump laid out guidelines for a reopening of world's top ecomy -- which accounts for most virus deaths of any country.

White House outlined three "phases" under which each goverr would determine permitted size of garings depending on ir location and levels of infection.

"Oil markets found baseline support from President Trump's US reopening plan," said Stephen Innes, chief global market strategist from AxiCorp.

But he added that with WTI still languishing around 20 a barrel, "it's suggesting downside risk remains dominant factor".