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Oil rises on U S and European demand growth optimism
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Oil edges up on U S , Europe demand growth prospects
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Oil Climbs With US Demand Bump Driving Global Rebound Optimism
Thick black oil sits on the pipe work fitting of an oil pumping jack. (Andrey Rudakov/Bloomberg News)
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Oil advanced to the highest intraday level in more than a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption.
Futures jumped as much as 2.2% in New York on April 28. A U.S. government report showed total petroleum stockpiles dropped last week, led by the biggest weekly decrease in distillate inventories since early March. A gauge of demand for overall petroleum products rose to the highest in more than two months. Meanwhile, Goldman Sachs Group Inc. is forecasting an unprecedented jump in global oil demand as vaccination rates rise.
Singapore 0317 GMT: Crude oil futures ticked higher during mid-morning trade in Asia April 29, as sentiment in the market remained positive amid signs of strong downstream demand in the US, but the progress of the pandemic in India remained on the market s radar.
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At 11:17 am Singapore time (0317 GMT), the ICE Brent June contract was up 36 cents/b (0.54%) from the April 27 settle at $67.64/b, while the June NYMEX light sweet crude contract rose 29 cents/b (0.45%) at $64.15/b. There was some bullishness in the market after the US Energy Information Administration released its weekly data late April 28, which backed the narrative of a recovery in US oil demand.
Oil surges with U.S. demand bump driving global rebound optimism
Andres Guerra Luz, Bloomberg News
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Oil advanced to the highest in over a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption.
Futures in New York jumped 1.5 per cent on Wednesday, posting the largest back-to-back daily gains in two weeks. A U.S. government report showed total petroleum stockpiles dropped last week, led by the biggest weekly decrease in distillate inventories since early March. A gauge of demand for overall petroleum products rose to the highest in more than two months. Meanwhile, Goldman Sachs Group Inc. is forecasting an unprecedented jump in global oil demand as vaccination rates rise.
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