Oil Prices Climb on Signs of Strong Fuel Demand Recovery

Oil prices rose for a second session on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded, as the US secretary of state said sanctions against Tehran were unlikely to be lifted.
Brent crude futures were up 32 cents, or 0.4%, at $72.54 per barrel, having earlier touched $72.83, the highest since May 20, 2019. Brent rose 1% on Tuesday, CNBC reported.
WTI crude futures climbed 31 cents, or 0.4%, to $70.36 a barrel, after rising to as high as $70.62, highest since Oct. 17, 2018. WTI prices climbed 1.2% on Tuesday. 
"Improved demand outlook appears to be bolstering crude oil prices, as the successful vaccine rollouts and summer driving season in the United States and Europe continue to support fuel demand," said Margaret Yang, a strategist at Singapore-based DailyFX.
Recent traffic data suggest travelers are hitting the roads as restrictions ease, ANZ Research analysts said in a note, pointing to TomTom data that showed traffic congestion in 15 European cities had hit its highest since the coronavirus pandemic began.
On Tuesday, the US Energy Information Administration forecast fuel consumption growth this year in the United States, the world's biggest oil user, would be 1.49 million barrels per day, up from a previous forecast of 1.39 million bpd.