Skip to content
Subscriber Only

Oil Advances With Signs Emerging of Fuel Consumption Rebound

  • Vehicle miles traveled on U.S. highways rose last week
  • WTI climbs most in a week as equities surge to records
Massive Refiners Are Turning Into Biofuel Plants In The West
Photographer: David Paul Morris/Bloomberg
Updated on

Oil rose the most in almost a week alongside a broader market rally as signs emerged that a recovery in fuel consumption is gaining traction.

Futures in New York climbed 2.5% on Thursday. Vehicle miles driven on U.S. highways increased 10% last week from the previous seven days, while U.K. road use has also been climbing. A surge in the margin on refining crude into gasoline could drive an oil rally over the summer, according to RBC Capital Markets. Meanwhile, U.S. equities jumped to an all-time high as a $1.9 trillion pandemic-relief bill was signed into law.