Oil Bulls Plunge Into Market as U.S. Gasoline Demand Hits Record
- Hedge funds boost bullish wagers to highest since May: CFTC
- Low prices stimulate March demand for U.S. gasoline: API
Oil Outlook: Are Markets Stabilizing?
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Money managers shrugged off the failure of the world’s biggest oil producers to agree on an output freeze as U.S. gasoline demand surged.
West Texas Intermediate crude jumped 8.3 percent the week after talks in Doha collapsed. Investors focused on falling U.S. output and higher fuel use as the peak summer driving season approaches. American gasoline consumption rose to 9.25 million barrels a day in March, an all-time high for the month, the American Petroleum Institute said April 21.