Oil Futures Jump to a Three-Month High on Demand Optimism
- Bank of America sees inventories falling in next few months
- OPEC+ on track to rebalance the market: Saudi energy minister
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Oil futures in New York and London closed at the highest level in more than three months on optimism that fuel demand is recovering as lockdowns are lifted.
Prices have rallied in recent days as states move forward with phased reopening even as concerns mount over the risk of a second wave of the pandemic. Sentiment has also been bolstered by evidence the OPEC+ group of producer nations is pressing ahead with output cuts.