Oil prices surged today after yesterday\u2019s surprise draw in inventories, declining for the first time in 15 weeks. Prices have been on an uptrend for the last few weeks as optimism around global reopening is painting a picture of increased demand. However, it is the opinion of some that gasoline demand does not make meaningful strides until the employment numbers pick back up. \u201cGasoline demand correlates pretty well with the employment level, and it\u2019s hard to see gasoline demand come back much more than it already has,\u201d said John Kilduff, partner at Again Capital LLC in New York. New jobless claims for the week came in today around 3 million people, higher than originally forecasted, bringing to total to 36.5 million claims in the last 6 weeks. There are still bullish developments happening out there. Particularly with the voluntary production cuts and prices hikes, the Saudis are going from market wreckers to market makers again and leading by example. WTI traded up $2.27 or 8.98% to close at $27.56. Brent traded up $2.31 or 7.91% to close at $31.50.<\/p>\n\n\n\n
Oil prices surged today after yesterday\u2019s surprise draw in inventories, declining for the first time in 15 weeks. Prices have been on an uptrend for the last few weeks as optimism around global reopening is painting a picture of increased demand. <\/p>\n","protected":false},"author":2,"featured_media":820,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n