Surge in U.K. fuel sales boosts global oil outlook

China Petroleum & Chemical News Network News, according to the oil price network news on May 7: British fuel sales at the end of last weekend soared to the highest level since the first lockdown in March last year, indicating that the reopening started last month has led to higher levels.

On April 12, the UK began to gradually resume business, opening non-essential retailers, restaurants and bars for the first time in months, because the number of new coronary pneumonia cases has dropped rapidly after more than half of the adults received at least one shot of the vaccine.

The Bank of England said on Thursday that, without major restrictions on domestic economic activity, it expects the UK economy to recover strongly to pre-covid-19 levels for the rest of the year.

The bank also said: "The decline in health risks and uncertainty, as well as the announced fiscal and monetary stimulus measures, have further boosted demand growth.

Signs of increased demand for British oil and economic rebound have brought hope to the oil bulls.

Feng Juan excerpted and translated from the oil price network

The original text is as follows:

Fuel Sales In The UK Surge, Adding Bullish Note To Global Oil Outlook

Fuel sales in the United Kingdom surged at the end of last week to their highest level since the first lockdown in March last year, according to government data cited by Bloomberg, suggesting that the reopening that began last month is already resulting in higher oil demand and economic growth.

The UK started to gradually reopen on April 12, opening non-essential retailers, restaurants, and pubs for the first time in months as COVID cases are rapidly falling after more than half of the adult population have now received at least one shot of a vaccine .

　　The UK's reopening and the surge in fuel sales “is a tangible proof that vaccine programs are the way out of the crisis,” Tamas Varga, an analyst at PVM Oil Associates, told Bloomberg.

　　The UK's economy is expected to recover strongly to pre-COVID levels over the remainder of this year in the absence of most restrictions on domestic economic activity, the Bank of England said on Thursday.

　　"People may also become more confident about spending.

　　"Demand growth is further boosted by a decline in health risks and a fall in uncertainty, as well as announced fiscal and monetary stimulus," according to the bank.

　　The signs of increasing oil demand and rebounding economy in the UK gives hopes to oil bulls that despite the COVID crisis in India and Brazil, major developed economies, including the United States, will push the global economy and oil demand higher.