Oil Rises With Demand Optimism Offsetting Virus Concerns
- China’s consumption is above pre-pandemic levels, BP says
- OPEC+ decides to continue with planned monthly output increase
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Oil climbed by the most in nearly two weeks with the OPEC+ alliance and BP Plc pointing to signs of a robust demand recovery taking shape in parts of the world.
Futures in New York jumped 1.7% on Tuesday. An OPEC+ committee decided this week to move forward with a planned gradual crude production increase, anticipating a strong demand rebound this year, even as coronavirus cases rise in countries such as India. The producer group decided to skip a Wednesday meeting and instead gather in early June.