Oil Trades at Six-Week High With Demand Optimism Spurring Rally - Bloomberg

Oil Trades at Six-Week High With Demand Optimism Spurring Rally - Bloomberg

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West Texas Intermediate rose 1.9% to $65.07 a barrel at 1:34 p.m. London time Brent for June settlement gained 2% to $68.61 Oil rose above $65 a barrel in New York for the first time in more than six weeks as signs of strengthening demand in key markets offset concerns about a Covid-19 resurgence in some countries, especially India. New York City aims to fully reopen July 1, while U.K. road fuel sales are nearing last year’s summer levels. Austrian refiner OMV AG is expecting to boost runs later in the year and Repsol SA reported a “slight recovery” in demand. Consumption may also get a boost when China breaks for an extended holiday on Saturday, with mobility expected to climb to a record. Broader markets climbed on Thursday after the Federal Reserve strengthened its assessment on the U.S. economy and reaffirmed aggressive policy support.