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Oil Builds On Gains As Recovery Picks Up, Equities Rise
06/02/21 AT 12:05 PM
Oil prices extended their rally Wednesday on growing expectations for demand as the global economy recovers, while equities rose in Europe and the United States.
While some countries are still struggling with the coronavirus, the general mood among dealers is upbeat with the global economy rebounding sufficiently strongly as vaccines are rolled out and parts of the planet slowly return to a semblance of normality.
And one of the biggest beneficiaries of that is the crude market, with demand for the commodity picking up as people begin travelling again and factories restart.