Oil demand3 Aug 2020 23:20
Oil rose the most in nearly two weeks, tracking a move in stronger equities, as economic data from the U.S. to Europe and Asia signaled a flicker of life in languishing demand.
U.S. manufacturing expanded in July at the fastest pace since March 2019, while factories across the euro area posted their first expansion in one-and-a-half years. In China, a private gauge showed the country’s factory activity grew at a faster pace in July than at any point since January 2011. Equities strengthened with the S&P 500 Index rising as much as nearly 1%.
“If economic activity continues to strengthen, that subsequently will lead to higher demand, and that’s going to be supportive for the market,” said Gene McGillian, vice president of market research at Tradition Energy.