Oil bounces back as US supply report hints at demand revival

Oil surged the most since November alongside a broader market rally and as signs of stronger gasoline demand in the U.S. eased concerns around the global economic recovery from the pandemic.

US crude futures jumped more than 6% on Wednesday after prices hit the lowest since early February a day before. Oil rallied in tandem with equities and was also boosted by a US inventory report that showed domestic fuel consumption at the highest in four months. Meanwhile, rescue teams are working to dislodge a giant vessel from the Suez Canal in order to get traffic moving again in one of the world’s most important waterways.