WorldOil Oil surges with U.S. demand bump driving global rebound optimism Oil advanced to the highest in over 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. Oil rises a second day with focus on returning fuel consumption Oil rose to the highest intraday in a week as expectations strengthened for a revival in global consumption despite the resurgent pandemic in India and Brazil. OPEC+ confirms plan to gently hike supply as demand recovers OPEC and its allies recommended proceeding with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India. Moody's: Outlook for the global energy industry revised to positive on higher oil prices, recovery in demand A sustained uptick in commodity prices on the back of a recovering global economy is set to bolster a turnaround in industry fundamentals over the coming 12 to 18 months. Oil prices end the week down as demand’s rebound gets patchy Futures in New York rose the most in over a week on Friday, but were unable to reverse a 1.6% weekly loss as the market weighed a global economic reopening that’s coming in fits and starts. Oil price slide continues as India reports 300,000 new Covid cases a day West Texas Intermediate slipped 0.6% following a 2.1% decline on Wednesday, when U.S. government data showed the first increase in crude stockpiles in a month. In India, coronavirus cases have topped 300,000 a day, the biggest jump globally, endangering consumption. Russia projects OPEC+ will maintain oil price course at this week’s meeting “If nothing extraordinary happens, we have already formed our three-month plans,” Russia’s Deputy Prime Minister Alexander Novak told reporters in Moscow on Wednesday, “Our task will be to look at these plans and maybe confirm or adjust them - yet most likely, this is the meeting to assess the current situation,” he said. Oil trader Vitol sees crude demand recovering quickly Demand for crude will increase by 7 million to 8 million barrels a day by the end of 2022, up from current levels, and producers will be stretched to meet that surge, Vitol Chief Executive Officer Russell Hardy said in an interview. Oil trades above $64 one year after it crashed below zero Oil’s forward curve suggests growing confidence, with the spread between WTI’s contracts for December this year and 2022 at the widest backwardation in about a month. Yet there are still reasons to be cautious, with India suffering a fresh wave of coronavirus infections and refiners there starting to curb processing. Higher U.S. shale output could spark an OPEC price war, warns Pioneer CEO Shale, and not the pandemic, was responsible for the initial oil-market crash of 2020, Pioneer Natural Resources CEO Scott Sheffield said at an industry summit. He added that the cartel, frustrated at U.S. producers’ success in taking market share from OPEC, allowed prices to tumble.