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Oil Posts Best Week Since April on Eve of Summer Travel Season

  • U.S. gasoline demand heads into traditional peak demand season
  • WTI futures slip on Friday, but still post 4.3% weekly gain
Oil’s Rise Above $40 Comes as Demand Recovers, Shale Reawakens
Photographer: Luke Sharrett/Bloomberg
Updated on

Oil posted its biggest weekly gain since the middle of April ahead of the U.S. Memorial Day weekend that kicks off the country’s summer driving season.

West Texas Intermediate rose 4.3% this week. A spate of positive U.S. economic data this week continued to highlight the recovery taking shape in the world’s largest oil-consuming country, while Americans are expected to unleash demand built up during the pandemic from this weekend onward.