Transportation has returned to 2019 levels in some major capitals as data provided by tech company TomTom show. As the transportation supports growing demand for oil, oil prices might have got over price territory under $20, that is $30 per barrel.
Moreover, oil price was supported by data from US Labor market. Numbers of files for unemployment benefits slightly dropped, and remained lower that markets had expected. This could serve as another signal for growing oil demand as American economy might be slowly recovering.
To some extent, future price growth is supported by massive financial stimulus injected into leading economies by governments and economies. However, there’s still danger that coronavirus could return to countries, which already released their anti-pandemic measures. In that case, demand for oil could drop and so would its price.
