Oil dips as growing U S fuel supplies cloud summer rebound bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Oil wavers with tightening U S supplies offsetting Iran risk bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Oil slips with uneven global consumption rebound tempering rally
Andres Guerra Luz and Alex Longley, Bloomberg News
Commodities Update: oil wavers, iron ore hits record high VIDEO SIGN OUT
Oil declined as the coronavirus crisis in India and a slowing demand rebound in the U.S. highlighted the uneven nature of the global recovery.
Futures in New York fell 1.4 per cent Thursday after hitting a nearly two-month high earlier in the week. While signs of rising oil consumption have put prices on track for a weekly gain, spiking COVID-19 cases in major crude importer India is capping gains. At the same time, U.S. gasoline consumption slipped for a second straight week.
Oil reaches seven-week high with demand revival gaining traction
Andres Guerra Luz and Alex Longley, Bloomberg News
OPEC is keeping this market in a deficit which supports a higher price: TD s Bart Melek VIDEO SIGN OUT
Oil climbed to the highest since the middle of March as reopening efforts and vaccination pushes from the U.S. to Europe underpin hopes for a return to normal demand in the worldâs largest economies.
Futures in New York gained 1.9 per cent on Tuesday, the biggest daily jump in nearly three weeks, while gasoline futures settled at the highest since July 2018. The U.S. is setting a new target of 70 per cent of U.S. adults receiving at least one COVID-19 vaccine shot by July 4, while British Prime Minister Boris Johnson said his countryâs lockdown rules are set to be scrapped in seven weeks. Thatâs offsetting concerns about weaker oil consumption in parts of Asia, including key importer India, where COVID-19 remains rampant.