Market participants say restrained supply and rising demand, rather than speculation, have driven the rally that has lifted the price of US oil from $37.63 a barrel last April to just above $60 per barrel. West Texas Intermediate crude for April delivery surged 4.2% on Thursday to end the session at $63.83 per barrel, the highest settlement for a front-month contract since April 30, 2019, after OPEC and its allies agreed to extend production cuts.
Traders: Supply, demand driving oil price rebound
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