Commodities
Oil Buoyed as Bullish US Figures Ease Concern About Weak Demand
- EIA cut its prediction for a global surplus this year and next
- Gasoline inventories fell to lowest levels in two months
This article is for subscribers only.
Oil extended gains as a stream of bullish data out of the US pointed to resilient domestic demand, even as trade strife continued to weigh on sentiment.
West Texas Intermediate rose 2.2% to settle near $68 a barrel, continuing a rebound from oversold territory, while Brent settled just below $71. US consumer prices rose at the slowest pace in four months in February, offering a reprieve after months of stalling inflation progress.