CNBC MARKET INSIDER
Oil surges on big bet that drivers will take to the roads as states reopen
PUBLISHED TUE, MAY 5 20204:57 PM EDTUPDATED TUE, MAY 5 20206:22 PM EDT
The U.S. driver is pivotal to global energy demand, and analysts are studying gasoline station surveys, mobility data and tanker unloadings to see if Americans are getting ready to hit the road as states reopen.
Oil prices have been rallying, including a 20% jump Tuesday alone, and some analysts are skeptical the price move is justified before they see the results of production cuts and more actual demand growth.
The rally is also contingent on whether virus outbreaks increase or not as states allow residents to resume activities.