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Oil hits one-month highs as IEA, OPEC raise forecasts

Oil hits one-month highs as IEA, OPEC raise forecasts

New York, Apr 16 (Prensa Latina) Oil prices rose on Thursday to the highest level in nearly a month, after jumping 5% in the previous session, driven by increased demand forecasts from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) as major economies recover from the pandemic.
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This week, IEA and OPEC expect demand to rise by 70,000 bpd from last month’s forecast and global demand is likely to rise by 5.95 million bpd in 2021, it said.

According to forecasts, oil price rise will be seen especially in the United States and China, where it is estimated an average of 96.7 million bpd will be consumed, in other words, 230,000 more than anticipated in March´s reports.

On the London Stock Exchange, Brent crude was up by 36 cents (0.54%) at $66.94 a barrel. Meanwhile, on the New York Stock Exchange, US West Texas Intermediate futures rose 31 cents (0.49%) to $63.46 a barrel.

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