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| Version 1 | Version 2 |
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| Oil nears $70 buoyed by summer demand outlook & US inventories drop | Oil nears $70 buoyed by summer demand outlook & US inventories drop |
| (about 1 month later) | |
| The price of crude continued to rise for a third day on Wednesday amid reports of a sharp drop in US stockpiles and expectations of a summer surge in fuel demand. | The price of crude continued to rise for a third day on Wednesday amid reports of a sharp drop in US stockpiles and expectations of a summer surge in fuel demand. |
| Global benchmark Brent rose 1.23% to trade at $69.73 a barrel as of 13:21GMT. US West Texas Intermediate also climbed more than one percent to $66.48 per barrel, while US gasoline futures reached their highest since July 2018. | Global benchmark Brent rose 1.23% to trade at $69.73 a barrel as of 13:21GMT. US West Texas Intermediate also climbed more than one percent to $66.48 per barrel, while US gasoline futures reached their highest since July 2018. |
| According to Stephen Brennock of oil broker PVM, “A return to $70 oil is edging closer to becoming reality.” He told Reuters that “The jump in oil prices came amid expectations of strong demand as western economies reopen. Indeed, anticipation of a pick-up in fuel and energy usage in the United States and Europe over the summer months is running high.” | According to Stephen Brennock of oil broker PVM, “A return to $70 oil is edging closer to becoming reality.” He told Reuters that “The jump in oil prices came amid expectations of strong demand as western economies reopen. Indeed, anticipation of a pick-up in fuel and energy usage in the United States and Europe over the summer months is running high.” |
| Analysts say that crude prices were also supported by a large fall in US inventories as the American Petroleum Institute industry group reportedly revealed crude stockpiles plunging by 7.7 million barrels in the week ended April 30. | Analysts say that crude prices were also supported by a large fall in US inventories as the American Petroleum Institute industry group reportedly revealed crude stockpiles plunging by 7.7 million barrels in the week ended April 30. |
| "If confirmed by the EIA, that would mark the largest weekly fall in the official data since late January," Commonwealth Bank analyst Vivek Dhar was quoted by Reuters as having said. | "If confirmed by the EIA, that would mark the largest weekly fall in the official data since late January," Commonwealth Bank analyst Vivek Dhar was quoted by Reuters as having said. |
| All those factors have offset a drop in fuel demand in the world's third-largest oil consumer, India, which is struggling with a surge in coronavirus infections. “However, if we were to eventually see a national lockdown imposed, this would likely hit sentiment," ING Economics analysts said of the situation in the South Asian country. | All those factors have offset a drop in fuel demand in the world's third-largest oil consumer, India, which is struggling with a surge in coronavirus infections. “However, if we were to eventually see a national lockdown imposed, this would likely hit sentiment," ING Economics analysts said of the situation in the South Asian country. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |