“Oil got bought up with everything else. This economic data this morning was impressive to say the least,” John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC. “It just speaks to something we don’t talk about a lot, which is the demand side of the equation.”
Meanwhile, on the supply side, concerns over protests in Iran have also supported oil markets this week, though analysts project the country’s supplies do not face any immediate risks.
“Iranian oil production is unlikely to be disrupted in the near term unless the oil workers go on strike, and there is nothing yet to indicate that this is going to occur,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC
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