Given that petrol demand has risen to levels not seen since the epidemic, U.S. crude oil was expected to rise for a second week in a row on Friday.
Although oil prices were steady on Friday morning, they had increased by more than 3.6% this week.
Last week saw a spike in petrol consumption in the United States to 9.4 million barrels per day, or bpd, the highest amount for that time of year since the end of the Covid-19 pandemic.
“We anticipate a further advance as record 71 million Americans are expected to travel during the upcoming July 4th holiday,” JPMorgan analyst Prateek Kedia wrote in a research note to clients.
“Gasoline demand in the US has been on a steady rise since the Memorial Day weekend.”
Source (CNBC)
