Saudi Aramco CEO sees oil demand rebounding in Asia as economies reopen
Singapore — Crude oil gained more ground on Tuesday, with prices underpinned by expectations of US stimulus and a rebound in Asian demand as economies reopen.
“Crude oil gained amid signs of further stimulus measures,” ANZ said in a note. “US lawmakers continued negotiations on the massive virus relief economic package with treasury secretary Steven Mnuchin saying there are areas where compromise is possible and a fair deal could be agreed upon. Sentiment was also boosted by comments from Saudi Aramco that demand is improving.”
A weaker US dollar also helped support higher oil prices, said Energy Aspects analyst Virendra Chauhan. US passenger airline traffic, which was hit hard by the coronavirus pandemic, was down 80% in June from a year earlier, official figures showed, but still nearly twice the levels of May.
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