Oil Advances With Optimism Growing Around Summer Demand Pick-Up
- IHS’s Yergin says crude oil is in high demand right now
- U.S. oil stockpiles fell 5.36 million barrels last week: API
This article is for subscribers only.
Oil extended gains as signs of a demand recovery from the U.S. to Europe stoke optimism among producers and analysts in the crude market.
Futures in New York surged 1.6% on Wednesday. Global benchmark Brent crude closed above the psychological $70-a-barrel mark for two consecutive days for the first time in more than two years.