Oil Steady Near Two-Year High on Improving US Demand Outlook By Bloomberg – Investing.com

  • Date: 18-May-2021
  • Source: Investing.com
  • Sector:Oil & Gas
  • Country:Gulf
  • Who else needs to know?

Oil Steady Near Two-Year High on Improving US Demand Outlook By Bloomberg – Investing.com

(Bloomberg) -- Oil held gains near a two-year high with optimism building about the demand outlook in key regions such as the U.S., even as the coronavirus makes a comeback in parts of Asia.

Futures in New York traded near $66 a barrel after rising almost 4% over the previous two sessions. The number of passengers at U.S. airports jumped to the highest since the pandemic began, a sign of the domestic travel revival that’s boosting fuel consumption. The rebound in America along with China and parts of Europe is offsetting concerns around weaker consumption in India.

Oil is up more than 35% this year amid optimism fuel demand will increase as the vaccination drive accelerates across major economies and boosts mobility. The devastating resurgence in India and new outbreaks in regions that had largely contained the virus such as Taiwan, however, is a reminder that the recovery is going to be uneven and bumpy.