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U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading sharply higher on Tuesday on a more optimistic outlook for demand. The rally is being fueled by the news that more U.S. states eased lockdowns and the European Union sought to attract travelers. This news is helping to offset worries over fuel demand in India as COVID-19 cases soar.
At 12:43 GMT, June WTI crude oil is trading $65.31, up $0.82 or +1.27% and July Brent crude oil is at $68.43, up $0.87 or +1.29%.
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U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher late Tuesday after OPEC raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market, Reuters added.
At 05:23 GMT, June WTI crude oil is at $60.17, up $0.42 or +0.70% and June Brent crude oil is trading $63.68, up $0.40 or +0.63%.
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Demand Expected to Rise 6.6% in 2021: OPEC
Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in its monthly report. That is up 70,000 bpd from last month, Reuters reported.
Electricity Demand Expected to Grow 3% in 2021 globenewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globenewswire.com Daily Mail and Mail on Sunday newspapers.