It's a bright outlook for the oil trade this summer

Singapore

AS MANY economies joyfully put lockdowns behind them, a "summer vibe" on the horizon is fuelling oil's ascent on the back of a sharp demand recovery. The possibility of more barrels coming to market down the road could, however, dull the glow.

On Wednesday, crude benchmarks Brent and US West Texas Intermediate (WTI) rose by some 0.6 per cent to multi-year highs of US$74.61 and US$72.67 a barrel respectively during Asia's mid-day session.