Oil Rises From the Ashes as the Big Coronavirus Recovery Trade
- Financial flows helped to drive crude above $50 in London
- Fuel demand is returning to normal levels in Europe and Asia
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Brent crude topped $50 a barrel last week for the first time since March, a milestone for an oil market that’s been grinding its way back out of a deep slump for months.
Things aren’t back to normal yet, but the positive signals are proliferating. The enormous glut of fuel that accumulated this year on everything from tiny barges to giant supertankers is being steadily depleted.