Oil rises as demand recovery raise hopes for fuel consumption
US, China and parts of Europe are rebounding strongly from the pandemic as a vaccination drive accelerates
17 May 2021 - 07:40
Oil edged higher at the open after a third weekly increase as a demand recovery in key regions raised optimism about rising fuel consumption, despite a Covid-19 flare-up in parts of Asia.
Futures in New York climbed towards $66 a barrel after advancing 2.4% on Friday. The US and China with parts of Europe are rebounding strongly from the pandemic as a vaccination drive accelerates. The prompt time spread for global benchmark Brent crude has also started widening again in a bullish backwardation structure, signalling a tightening market...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.