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Oil sped up growth on expectations of increased global demand

Benchmark oil prices accelerated the day on the back of improved forecasts for global fuel demand. The cost of June futures for Brent oil on the London stock exchange ICE Futures by 14:11 Moscow time amounted to $ 64.72 per barrel, which is $ 1.05 (1.65%) higher than the price at the close of the previous session. The price of WTI crude oil futures for May in electronic trading on the New York Mercantile Exchange (NYMEX) by 14:12 Moscow time was $ 61.14 per barrel, which is $ 0.96 (1.6%) higher than the level at the close of previous trading. The International Energy Agency (IEA, IEA) on Wednesday raised its forecast for global oil demand in 2021 by 230 thousand bpd, citing an improved economic outlook. “However, the recovery remains fragile as COVID-19 cases are on the rise in some of the major consumer countries,” the agency said in a report. According to the IEA, oil demand in 2021 will reach 96.7 million b / d, which is 5.7 million b / d more than in 2020. On the eve of OPEC, it improved its forecast for oil consumption in 2021, noting that this will be facilitated by the economic recovery amid budgetary incentives, as well as the lifting of quarantines thanks to mass vaccinations. According to the new OPEC forecast, world oil demand this year will grow by 5.95 million bpd, not 5.89 million bpd, as previously predicted. Thus, oil consumption in 2021 will reach 96.46 million barrels per day against the previous estimate of 96.27 million barrels per day. The rise in quotations was also facilitated by the data of the American Petroleum Institute (API) on the decline in US reserves. According to API estimates, oil reserves in the country for the week ended April 9 fell by 3.61 million barrels. A week earlier, the decline was 2.62 million barrels. The official report on energy reserves in the United States over the past week will be released by the Ministry of Energy today at 17:30 Moscow time. Analysts polled by S&P Global Platts expect, on average, that the weekly decline in oil reserves amounted to 2.9 million barrels, gasoline and distillate reserves – 200 thousand barrels and 700 thousand barrels, respectively. In addition, the weakening US dollar provides some support to the market. The ICE index, which tracks the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), lost 0.05% during trading, while the broader WSJ Dollar Index lost 0.13%. Source: FINMARKET.RU

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