Oil futures continued their spectacular rally on Tuesday, with international benchmark Brent vaulting above $30 per barrel amid growing optimism about a resurgence in demand in the wake of easing economic lockdowns around the globe.

Brent surged above the key $30-per-barrel level, catapulting it to its highest level since 15 April following historic output curbs of 9.7 million barrels per day by the Opec+ alliance to tackle a growing glut augmented by the Covid-19 outbreak.