Oil Closes Above $70 a Barrel for First Time in Over Two Years By Bloomberg – Investing.com

SectorOil & Gas

© Bloomberg. Horton sphere storage pressure vessels at the Total SE Grandpuits oil refinery in Grandpuits-Bailly-Carrois, France, on Thursday, May 27, 2021. The French energy giant holds its annual general meeting on May 28.

Photographer: Cyril Marcilhacy/Bloomberg

(Bloomberg) — Oil resumed its rally to top $70 a barrel in New York as investors grew more confident that accelerating vaccinations and easing travel restrictions will continue to boost demand.

West Texas Intermediate futures surpassed the $70 mark to close at its highest since Oct. 2018 after briefly touching the key psychological level earlier this week. U.S. oil supplies fell 2.11 million barrels last week, the American Petroleum Institute was said to report. That would be the third straight weekly decline if confirmed by U.S. government data on Wednesday.

At the same time, confidence in the outlook for oil demand continues to grow as accelerating vaccinations allow people to travel more. The Middle Eastern Dubai benchmark is trading in its steepest backwardation — a market...read more...