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Crude climbs on strong demand outlooks, shrugging off US product builds

From spglobal.com

Oil futures pushed to fresh multiyear highs June 10 as the market looked past large US product builds toward robust summer demand outlooks. NYMEX July WTI settled up 33 cents at $70.29/b, and ICE August Brent climbed 30 cents to $72.52/b. Energy prices pulled off overnight lows in early US trading after OPEC said in its monthly oil market report that it expects the global economy to accelerate in the second half of 2021. The producer bloc kept its forecast of oil demand growth unchanged in its latest market analysis at 96.58 million b/d in 2021, up 5.95 million b/d from 2020 when the demand estimate was revised up to ... (full story)

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  • Category: Fundamental Analysis