Oil prices surge | Sunday Observer

Oil prices surge

18 April, 2021

(Bloomberg) --Oil jumped the most since late March with declining U.S. crude stockpiles and rising fuel demand providing the spark needed to break out of a nearly monthlong price range.

Futures climbed as much as 5.3% in New York mid this week, pushing prices out of a recent $5 trading range to the highest intraday level since March 18.

A U.S. government report showed domestic crude inventories fell by 5.89 million barrels last week, the biggest decline in two months, bringing nationwide supplies to the lowest since late February.

A gauge for gasoline demand ticked higher for a seventh straight week.

The stronger outlook for U.S. demand, along with improvements in China, drove the International Energy Agency to lift its forecast for oil consumption this year. – World Oil