Oil edged higher at the open after a third weekly increase as a demand recovery in key regions raised optimism about rising fuel consumption, despite a Covid-19 flare-up in parts of Asia. Futures in New York climbed toward $66 a barrel after advancing on 2.4% on Friday. The U.S. and China along with parts of Europe are rebounding strongly from the pandemic as a vaccination drive accelerates. The prompt timespread for global benchmark Brent crude has also started widening again in a bullish backwardation structure, signaling a tightening market. Meanwhile, gasoline stations are in the process of returning to normal ... (full story)