Oil Gains for Second Week on Signs Summer Travel Rush Underway
- WTI posts nearly 5% weekly rise; Brent ends week above $71
- U.S. and U.K. data underscore pick-up in mobility this summer
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Oil and gasoline futures both posted their second weekly gain in a row as expectations for a demand pick-up from the northern hemisphere’s summer begin to come to fruition.
Futures in New York rose nearly 5% this week, the largest such increase since mid-April. A string of data this week so far affirmed the market’s bet that higher vaccination rates and continuing reopening efforts are unleashing pent-up demand this summer.