Oil advanced to the highest intraday level in more than a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption.
Futures jumped as much as 2.2% in New York on April 28. A U.S. government report showed total petroleum stockpiles dropped last week, led by the biggest weekly decrease in distillate inventories since early March. A gauge of demand for overall petroleum products rose to the highest in more than two months. Meanwhile, Goldman Sachs Group Inc. is forecasting an unprecedented jump in global oil demand as vaccination rates rise.