Oil is among a number of commodities that have rallied hard this year as investors wager that the economic recovery from the coronavirus outbreak will spur consumption. The IEA said in its monthly report the supply glut created by the pandemic has cleared. Still, Covid-19 flare-ups in many parts of Asia, particularly India, continue to cloud the outlook for consumption. WTI is $64.72; Brent is $67.95
Booming holiday travel and greater mobility have pushed motor fuel prices back to pre-pandemic levels. Wholesale gasoline rose to the highest since September 2019 late last month, data from the National Bureau of Statistics show. On the first day of China's three-day ‘Tomb-Sweeping’ break in early April, people made more than 34 million road trips, marginally lower than the same period two years ago, the government said in a statement. WTI is $65.75; Brent is $68.98
U.S. crude futures were down 1.2%. Gasoline and heating-oil markets were also weaker with the hacked Colonial Pipeline system in the U.S. returning operations at one section of the key link. Full services are expected by the end of the week, though some Gulf Coast refiners are already cutting processing. WTI is $64.42; Brent is $67.80
Oil has surged by about a third this year as the rapid roll-out of coronavirus vaccines across the U.S. and Europe prompted the lifting of social-distancing measures and travel curbs. Consumption of fuels including gasoline and jet fuel has been rising as millions of people return to work, boosting personal mobility and the use of cars. The recovery in demand has the potential to make the Colonial outage feel all the more acute. WTI is $65.27; Brent is $68.72
West Texas Intermediate futures were steady on Friday. The U.S. benchmark is on track for a 1.7% gain this week and is set for its first back-to-back weekly increase since early March as vaccine-aided economic activity picks up in the U.S., Europe, and China. WTI is $64.41; Brent is $67.85
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