Oil climbs above US$65 as car-fuelled demand sparks recovery
Alex Longley and Jack Wittels, Bloomberg News OilCover , Bloomberg
Oil surpassed US$65 a barrel, the highest since mid-March, as signs of strengthening demand from the U.S. to China stoked optimism that key markets are turning a corner in their recovery from the pandemic.
U.S. benchmark crude futures rose 1.8 per cent on Thursday for a third straight daily gain. Major cities in the U.S. are coming out of lockdown, with New York City aiming to fully reopen July 1 and Chicago broadly easing restrictions across industries. In Europe, the U.K.âs road-fuel sales are nearing last yearâs summer levels. Consumption may also get a boost when China breaks for an extended holiday on Saturday, with mobility expected to climb to a record.
Oil surpassed $65 a barrel amid signs of strengthening demand from the USA and China.
(Bloomberg) Oil surpassed $65 a barrel, the highest since mid-March, as signs of strengthening demand from the U.S. to China stoked optimism that key markets are turning a corner in their recovery from the pandemic.
U.S. benchmark crude futures rose 1.8% on Thursday for a third straight daily gain. Major cities in the U.S. are coming out of lockdown, with New York City aiming to fully reopen July 1 and Chicago broadly easing restrictions across industries. In Europe, the U.K.’s road-fuel sales are nearing last year’s summer levels. Consumption may also get a boost when China breaks for an extended holiday on Saturday, with mobility expected to climb to a record.
Dubai police arrest attackers in massive brawl that killed 3
April 28, 2021
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DUBAI, United Arab Emirates (AP) Police in Dubai have arrested 10 suspects in a massive knife fight that killed three people, authorities said Wednesday, a relatively rare outburst of violence in the Gulf Arab sheikdom.
The police said the melee stemmed from a dispute over money, with 13 men armed with knives and wooden bats fighting over 5,000 dirhams (some $1,360). The brawl drew others in, killing three and seriously wounding more. Police did not identify the suspects beyond saying they were of Asian descent, or specify where the fight took place.
Dubai police rarely offer overall crime statistics, but previously have acknowledged similar incidents in low-income expat communities and labor camps, dormitory-style housing for many of the migrant workers from Asia, Africa and the Middle East who drive the machinery of daily life in the emirate.
Oil rose to the highest intraday in a week as expectations strengthened for a revival in global consumption despite the resurgent pandemic in India and Brazil.