A rally in gasoline futures lost steam as traders expect there will be enough fuel supply to meet demand after a cyberattack led to the shutdown of the largest U.S. oil-products pipeline. Crude futures reversed gains
Oil advanced to the highest intraday level in more than a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption.
Here’s the latest sign of the great U.S. gasoline comeback: For the first time since the pandemic started, driving on the nation’s highways is higher than at the same time in 2019.
Drivers eager to get back on the road more than a year into the pandemic will face the highest summer gasoline prices since 2018, according to a U.S. government report.
Oil climbed to the highest level in over a year as tightening global supplies and signs of strength in physical markets aided crude’s virus-recovery rally.
Oil slid by the most in three weeks as a stronger dollar and weak U.S. economic data stoked concerns over an economic rebound.
Oil headed for its biggest monthly drop since March as renewed lockdown measures to contain the coronavirus threatened to upend a shaky demand recovery.
Oil held onto losses after U.S. government data showed the first crude stockpile gain in four weeks, adding to concerns over a demand recovery with stimulus talks in limbo.
Oil in New York plunged below a key technical level for the first time since June as concerns over progress on another round of U.S. fiscal stimulus compounded growing fears that a sustained recovery in demand is still some way off.
Oil tumbled below $40 a barrel for the first time in a month, with a sell-off in equities and a stronger dollar exacerbating demand concerns as a lackluster summer driving season draws to a close.