Oil climbs with Aramco seeing demand recovery continuing

Oil climbs with Aramco seeing demand recovery continuing

BloombergOil snapped a two-day losing streak as Saudi Aramco predicted demand will continue to improve through the rest of the year, despite many regions across the world struggling to bring the coronavirus under control. Crude consumption in Asia is almost back to pre-virus levels, Aramco Chief Executive Officer Amin Nasser said. Meanwhile, oil drilling in the US falls to a 15-year low as explorers abandoned growth plans and as billions of barrels from old discoveries became worthless. Oil is showing some signs of potentially breaking higher after being stuck near $40 a barrel since early June as rising virus infections raised doubts about a sustained recovery. However, Opec+ is set to test the appetite for demand, returning some supply to the market from this month following historic production cuts. The