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Oil prices rise on expectations about European fuel demand

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Doubts about the future of the 2015 Iran nuclear deal that could end US sanctions on Iranian crude exports further supported prices

London Oil prices gained for a second day on Thursday after drawdowns in US inventories and accelerating German economic activity bolstered confidence in the fuel demand recovery.Brent crude futures rose 45c, or 0.6%, to $75.64 a barrel by 8.47am GMT, after increasing 0.5% on Wednesday.

Further stoking expectations of a European fuel demand recovery, data from Germany showed the largest upward leap in retail conditions since German reunification more than three decades ago. “The data was encouraging since not only crude stocks, but also [petrol] inventory dropped, suggesting healthy demand and tight supply,” said Tetsu Emori, CEO of Emori Fund Management.

 

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