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The “Great Car Comeback” Brightens Oil Demand Outlook ...Middle East
Despite high vaccination rates in many parts of the world, people appear to be still wary of public transit, opting for personal vehicles, which is driving up demand for crude oil along with metals. Called “the great car comeback” by Bloomberg, the trend is visible in locations as diverse as Tel Aviv, Moscow, and Bucharest, according to data from satellite navigation device maker TomTom. Car sales in Europe soared by 63 percent last month to 1.39 million, which was high not just compared to last year, when sales of everything but handwash…
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