Oil rises on stronger projected demand.
Oil rising strongly today on signs of strong fuel demand globally, while the prospect of Iranian supplies returning crushed – after the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted. The widespread confidence among the oil traders that oil demand will continue to rise higher in the second half of the year is paving the way forward for strong Brent gains. Recent traffic data suggests travellers are hitting the roads as restrictions ease. The U.S. Energy Information Administration forecast fuel consumption growth this year in the United States would be 1.49 million barrels per day – up from a previous forecast of 1.39 million bpd. In another bullish signal, industry data showed U.S. crude oil inventories fell last week. All of these factors are adding to the bullish pressure on oil.
Next resistance to watch – 74.52
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