Oil set for best half since 2009 as demand recovers ahead of OPEC+ meeting

The recovery in key energy consumers including the U.S. and China has helped underpin a surge in fuel demand and driven prices to the highest level since October 2018.

Oil is heading for its best half since 2009 as the rebound from the pandemic boosts fuel consumption and tightens the market ahead of a key OPEC+ meeting that’s expected to lead to an increase in supply.

Futures in New York rose toward $74 a barrel on Wednesday and are up more than 50% this year. The American Petroleum Institute reported that U.S. crude stockpiles fell by 8.15 million barrels last week, according to people familiar, adding to positive sentiment before OPEC+ meets on Thursday.

The alliance will be busy after delaying preliminary talks on the oil market to allow