Europe oil/products: Gasoline prices and cracks surge as US driving season starts

London (Quantum Commodity Intelliegnce) - Brent was swept higher in a broad market rally as investors eyed President Biden's proposal for a $6 trillion budget in 2022, and Eurozone business confidence hit a pre-pandemic peak, close to December 2017 levels, according to a survey by the European Commission.

A US inflation measure, core personal consumption expenditure, hits 3.1% year-on-year, its highest rise since 1992.

France also recorded a double dip recession in the first quarter.

But bulls controlled the day, and with OPEC+ Expected to meet next week and factor in fresh Iranian barrels into its calculations, August Brent hit $69.42/b by 1630 UK time, up $0.44 from the same time Thursday.

July Brent was heading to expiry.

Light ends cracks followed July Brent higher, up $0.60 or more, but they were much higher in comparison to August Brent.

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