Oil heads for best week since April as US summer travel kicks off

The summer outlook for oil demand looks positive, analysts say, with some even predicting that the COVID-19 slump could be in the rearview mirror.

Oil headed for its biggest weekly gain since the middle of April ahead of the U.S. Memorial Day weekend that kicks off the country’s summer driving season. West Texas Intermediate is set for a more than 5% weekly increase, though prices were little changed on Friday. A spate of positive U.S. economic data this week continued to highlight the demand recovery taking shape in the world’s largest oil-consuming country. With more Americans taking to the road and with some of the lowest gasoline stockpiles in almost 30 years, some see the country facing a supply squeeze on par with those seen when a hurricane knocks out oil refineries in Texas and Louisiana.