Oil rises on demand outlook.
Oil under bullish pressure today as expectations of rising fuel demand overcame concerns about the impact of a surge in India’s coronavirus infections and larger U.S. crude inventories. Expectations for demand growth arose after Goldman Sachs said on Wednesday it expected “the biggest jump in oil demand ever, a 5.2 million barrels per day (bpd) rise over the next six months” as the result of vaccination campaigns accelerating in Europe and demand for travel climbs. The revival of the travel is also due to the latest report that vaccinated USA and European citizens are expected to be allowed to travel between the countries in the coming summer.
Except buyers on downward corrections.
Next resistance to watch – 67.55
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