Oil climbs on demand outlook as market awaits fresh cues
Oil prices rose on Wednesday on signs of a speedy economic recovery and upbeat predictions for energy demand in light of progress with vaccinations against COVID-19, though waves of infections in India and Brazil weighed on gains.
Brent crude climbed 18 cents, or 0.3% to $68.73 a barrel at 0846 GMT. U.S. West Texas Intermediate crude rose 20 cents, or 0.3%, to $65.48.
The International Energy Agency (IEA) said in its monthly report that demand for oil will exceed the output of the top producers.
“The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter,” the IEA said.
Oil settles higher as key U S fuel pipeline plans restart reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
EnergyOPEC pins oil demand hopes on second-half recovery as India dents Q2
Alex Lawler
3 minute read
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group s plan to gradually ease output cuts.
In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.95 million barrels per day (bpd) this year, or 6.6%. The forecast was unchanged from last month.
OPEC pins oil demand hopes on recovery as India s COVID-19 crisis dents second quarter theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
The energy sector’s redemption story is reaching epic proportions this year. Up nearly 55% year-to-date, the
As the global economy emerges from the dark clouds of the coronavirus pandemic, oil demand is improving. That’s a boon for PXI, an exchange traded fund heavy on exploration and production and oil services – industries that are more sensitive to oil price fluctuations than integrated oil companies.
Providing a foundation for PXI’s rally, both the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) recently upped global oil demand forecasts.
“Both the IEA and OPEC monthly oil reports came with huge drops in commercial oil inventories in OECD countries for the seventh consecutive month in February. They reported a massive drop in global oil inventories that built up during last year’s COVID-19 demand shock for the data gathered for February. This entailed a further drop in global oil inventories in the coming months,