Oil Gains With Robust Global Demand Tightening Crude Market
- Gasoline consumption at normal levels in countries like U.S.
- Europe’s air traffic rose by 6% over the past two weeks
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Oil rose to the highest in a week amid expectations that recovering demand from the U.S. to India and Europe will further tighten global crude markets.
Futures in New York climbed 2.3% on Thursday after posting the biggest gain in three months on Wednesday. Gasoline demand is essentially back to normal in many of the biggest oil-consuming countries, with road traffic data showing a similar trend. Plus, over the past two weeks, Europe’s air traffic came close to two-thirds of flights as the same period in 2019.