Oil Climbs With U.S. Demand Bump Driving Global Rebound Optimism - Bloomberg

Oil Climbs With U.S. Demand Bump Driving Global Rebound Optimism - Bloomberg

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West Texas Intermediate for June delivery rose $1.27 to $64.21 a barrel at 11:16 a.m. in New York Brent for June settlement gained $1.13 to $67.55 a barrel on the ICE Futures Europe exchange Oil advanced to the highest intraday level in more than a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption. Futures jumped as much as 2.2% in New York on Wednesday. A U.S. government report showed total petroleum stockpiles dropped last week, led by the biggest weekly decrease in distillate inventories since early March. A gauge of demand for overall petroleum products rose to the highest in more than two months. Meanwhile, Goldman Sachs Group Inc. is forecasting an unprecedented jump in global oil demand as vaccination rates rise. “Seasonally, this is the time we should be seeing big crude inventory builds,” said Matt Sallee, portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. “There’s a lot of green shoots in demand.”