Oil futures post a second gain on bets for higher demand
Oil futures posted a second gain on Tuesday (http://www.marketwatch.com/story/oil-pushes-higher-as-u-s-europe-ease-covid-restrictions-11620130480), with traders betting that fuel demand will strengthen in the U.S. and Europe, as the market heads into the summer travel season. "From here on out the thing to watch will be air travel," said James Williams, energy economist at WTRG Economics. "Domestic and international air travel will continue to improve despite the difficulties in India," he said. Given the "lifting of so many restrictions in the U.S. and the pent up demand for vacations, we should see a strong uptick in U.S. gasoline consumption this summer." June West Texas Intermediate crude rose $1.20, or 1.9%, to settle at $65.69 a barrel on the New York Mercantile Exchange.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 04, 2021 14:37 ET (18:37 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.