Oil holds biggest gain in three months on demand recovery
Oil gains with robust global demand tightening crude market
Bloomberg News ,
BHP Said to Mull Oil Exit in Retreat From Fossil Fuels
Oil rose to the highest in a week amid expectations that recovering demand from the U.S. to India and Europe will further tighten global crude markets.
Futures in New York climbed 2.3 per cent on Thursday after posting the biggest gain in three months on Wednesday. Gasoline demand is essentially back to normal in many of the biggest oil-consuming countries, with road traffic data showing a similar trend. Plus, over the past two weeks, Europe’s air traffic came close to two-thirds of flights as the same period in 2019.
“The market clearly is more concerned about the supply-demand deficit being in deficit, and that the growth will continue, and that we’re under-supplied in the near term,” said Rebecca Babin, senior energy trader at CIBC Private Wealth, US.
Oil has rebounded after a nearly 8 per cent loss on Monday as fears around the delta variant and its impact on economic recovery shook broader markets. The …
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