Oil climbs with Saudi Aramco seeing demand recovery continuing

Oil climbs with Saudi Aramco seeing demand recovery continuing

Aramco chief executive officer Amin Nasser said crude consumption in Asia is almost back to pre-virus levels

Oil 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 Sunday after the world's top exporter reported a slump in second-quarter profit. Meanwhile, oil drilling in the US fell 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