Oil and gasoline futures both posted their second weekly gain in a row as expectations for a demand pick-up from the northern hemisphere’s summer begin to come to fruition. Futures in New York rose nearly 5% this week, the largest such increase since mid-April. A string of data this week so far affirmed the market’s bet that higher vaccination rates and continuing reopening efforts are unleashing pent-up demand this summer. On the supply side, oil is garnering support from deferred expectations on a renewed nuclear deal with Iran and OPEC+’s cautious approach to bringing back output. Meanwhile, global benchmark Brent ended the week above the psychological $70-a-barrel mark for the first time in over two years, nearing a technical level that may spur renewed flows into the market. “The domestic story remains good and […]