U.S. West Texas Intermediate (WTI) crude futures jumped 39 cents, or 0.5%, to $70.44 a barrel after rising to as high as $70.62, the most since Oct. 17, 2018. WTI prices climbed 1.2% on Tuesday.Improved demand outlook appears to be bolstering crude oil prices, as the successful vaccine rollouts and summer driving season in the United States and Europe continues to support fuel demand,
said Margaret Yang, a strategist at Singapore-based DailyFX.
Recent traffic data suggests travellers are hitting the roads as restrictions ease, ANZ Research analysts said in a note, pointing to TomTom data which showed traffic congestion in 15 European cities had hit its highest since the coronavirus pandemic began.
On Tuesday, the U.S. Energy Information Administration forecast fuel consumption growth this year in the United States, the world’s biggest oil user, would be 1.49 million barrels per day (bpd), up from a previous forecast of 1.39 million bpd.
In another positive sign, industry data showed U.S. crude oil inventories fell last week, in line with analysts’ expectations, according to a Reuters poll.
said Margaret Yang, a strategist at Singapore-based DailyFX.
Recent traffic data suggests travellers are hitting the roads as restrictions ease, ANZ Research analysts said in a note, pointing to TomTom data which showed traffic congestion in 15 European cities had hit its highest since the coronavirus pandemic began.
On Tuesday, the U.S. Energy Information Administration forecast fuel consumption growth this year in the United States, the world’s biggest oil user, would be 1.49 million barrels per day (bpd), up from a previous forecast of 1.39 million bpd.
In another positive sign, industry data showed U.S. crude oil inventories fell last week, in line with analysts’ expectations, according to a Reuters poll.