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Oil Hits Highest in More Than Two Years as Demand Hope Grows

  • U.S. data show rising consumption before summer driving season
  • WTI heads toward $67 on its longest win streak since February
Oil Extends Slide on Strong Dollar as Market Volatility Climbs
Photographer: Daniel Acker/Bloomberg
Updated on

Oil closed at its highest price in more than two years as strong U.S. economic data fueled a broader market rally and Wall Street stuck to bullish views on climbing commodity prices.

West Texas Intermediate extended its winning streak to five sessions, its longest run of daily gains since February. Underscoring the recovery in the U.S., American drivers are traveling almost as many miles on interstates as they did in 2019 and jobless claims have fallen to a fresh pandemic low as businesses reopen. Goldman Sachs Group Inc. analysts said commodities continue to face incremental tightness in the second half, with little evidence to suggest enough of a supply response to derail the bull market.