Oil Price Fundamental Daily Forecast – Underpinned by

Oil Price Fundamental Daily Forecast – Underpinned by Optimistic OPEC Demand Forecast Ahead of API Report


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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.

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