Oil rose to the highest in a week amid expectations that recovering demand from the U.S. to India and Europe will further tighten global crude markets. Futures in New York climbed 2.3% on Thursday after posting the biggest gain in three months on Wednesday. Gasoline demand is essentially back to normal in many of the biggest oil-consuming countries, with road traffic data showing a similar trend. Plus, over the past two weeks, Europe’s air traffic came close to two-thirds of flights as the same period in 2019. “The market clearly is more concerned about the supply-demand deficit being in deficit, and that the growth will continue, and that we’re under-supplied in the near term,” said Rebecca Babin, senior energy trader at CIBC Private Wealth, US. Oil has rebounded after a nearly 8% loss on Monday as fears around the delta variant and its impact on economic recovery shook broader […]