Oil price rally continues on strong summer demand outlook
By Andres Guerra Luz on 6/2/2021
(Bloomberg) --Oil extended gains with signs of a recovery in demand from the U.S. to Europe stoking optimism among producers and analysts in the crude market.
Futures in New York surged as much as 1.9% on Wednesday, while global benchmark Brent crude jumped to the highest intraday level since January 2020. Oil is in âstrong demand right now,â Daniel Yergin, the oil historian and vice chairman at consultant IHS Markit Ltd., said in a Bloomberg Television interview. This week, Saudi Arabiaâs energy minister also said the demand picture has shown signs of improvement and the International Energy Agencyâs Fatih Birol said he sees a robust consumption recovery in the next six months.