The near-certain likelihood of higher fuel consumption in the U.S., China and the U.K has brightened the overall demand outlook, even as a resurgent pandemic in countries such as India, Brazil and Japan cloud those prospects.
“The U.S.
In the U.S., a string of real-time data pointing to an economic rebound taking hold in the world’s largest oil consumer has stoked optimism around demand in coming months.
Oil’s overall advance is in keeping with a broad-based surge in interest in commodities this week, driven by optimism in key economies and tightening supplies of raw materials.
Still, it will likely be a bumpy road ahead for prices as the world’s economies reopen at varying paces.
Imports from the South Asian country could fall by over 1 million barrels a day in the coming weeks, if not three times more, consultant Kpler said in a report Friday.