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Oil consumption will be bolstered next year as mass transit struggles to keep pace with extra travel demand, prompting passengers to make greater use of private cars. Even the ongoing popularity of remote working won’t dent fuel consumption as much as expected, as home-workers use cars during the day to run personal errands, say BankofAmerica analysts. WTI is $71.74; Brent is $73.59  Source: Bloomberg.com - By: Grant Smith - Image: Luke Sharrett
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Oil consumption will be bolstered next year as mass transit struggles to keep pace with extra travel demand, prompting passengers to make greater use of private cars. Even the ongoing popularity of remote working won’t dent fuel consumption as much as expected, as home-workers use cars during the day to run personal errands, say BankofAmerica analysts. WTI is $71.74; Brent is $73.59  Source: Bloomberg.com - By: Grant Smith - Image: Luke Sharrett A U.S. government report Wednesday offered the market its latest bullish stimulus, with domestic crude stockpiles sinking as refinery demand picks up. Saudi's Energy Minister told a conference that the cautious approach taken by OPEC+ to reviving supply was paying off, indicating that he’s sticking to that position. The group set to meet on July 1 to decide its next steps. WTI is $72.04; Brent is $74.19  Source: Bloomberg.com - By: Jill R Shah - Image: File Photo Oil’s rally has been reinvigorated this month as leading economies continue to reopen, aided by widespread vaccine programs. That’s boosting worldwide energy demand just as the Organization of Petroleum Exporting Countries and its allies maintain a cautious approach to boosting supply. WTI is $72.37; Brent is $74.37  Source: Bloomberg.com - By: Jill R Shah - Image: Mark Kauzlarich Crude has soared this year as vaccination programs have turned the tide against the pandemic in the U.S., Europe, and China. Gasoline demand in China last month was 5% higher than during the same period in 2019, according to the median of five estimates from the nation’s top oil companies including China Petroleum & Chemical Corp. WTI is $71.83; Brent is $73.65  Source: Bloomberg.com - By: Jill Shah - Image: David Paul Morris |
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