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Oil Climbs Above $65 as Car-Fuelled Demand Sparks Recovery

  • Major U.S. cities further reopen; U.K. road fuel sales rise
  • WTI gains 1.8% Thursday to close at the highest in six weeks
A Shale-Oil Boomtown As Oil Bust Proves To Be Good
Photographer: Daniel Acker/Bloomberg
Updated on

Oil surpassed $65 a barrel, the highest since mid-March, as signs of strengthening demand from the U.S. to China stoked optimism that key markets are turning a corner in their recovery from the pandemic.

U.S. benchmark crude futures rose 1.8% on Thursday for a third straight daily gain. Major cities in the U.S. are coming out of lockdown, with New York City aiming to fully reopen July 1 and Chicago broadly easing restrictions across industries. In Europe, the U.K.’s road-fuel sales are nearing last year’s summer levels. Consumption may also get a boost when China breaks for an extended holiday on Saturday, with mobility expected to climb to a record.