Oil surges to highest in a month with US demand picking up

Futures rose 4.9 per cent in New York, the most since late March, after trading in a US$5 range for weeks.

“There’s always bearish factors in any market, but now that we’ve broke out to the upside, it likely means we’re going to retest the old highs, if not go through them,” said Bill O’Grady, executive vice president at Confluence Investment Management in St.

demand, along with improvements in China, earlier drove the International Energy Agency to lift its forecast for oil consumption this year.

gasoline supplied has been on a multi-week climb back toward 9 million barrels a day, while refineries have been processing crude at the highest level since the early days of the pandemic.

showed road use was at 91 per cent of pre-pandemic levels on Monday, the strongest daily reading since November.

…Read the full story