Oil soars on bullish US data as lockdowns ease

摘要

CRUDE futures soared to five-month highs midweek on the back of yet another set of bullish data on weekly US oil inventories and hopes country is making progress on a new economic stimulus package. The rebound also got a helping hand from a falling US dollar, which makes oil and other commodities cheaper for holders of other currencies. However, lingering worries about oil demand growth in the face of a persistent glut are still weighing on sentiment. Although coronavirus cases are mounting worldwide and in the US in particular, positive news on retail sales in Europe buoyed confidence. US factory data in the week also showed an improvement in orders, which some analysts saw as offering relief to concerns about risks to any recovery.