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Old 19-04-2021, 08:12
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KostiaFM KostiaFM is offline
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Default Re: Daily Economic news by ForexMart

Oil market. April 15, 2021 | Brent remains in the area of monthly highs

On Thursday, oil prices continued to be in the area of ​​monthly highs, thanks to improved forecasts for global fuel demand. The current Brent quotation is $66.30 per barrel.

Prices were supported by a report from the International Energy Agency (IEA), according to which oil demand is expected to grow by 5.7 million barrels per day in 2021 compared to 2020. And this is 230 thousand barrels per day more than previously predicted. The Organization of the Petroleum Exporting Countries (OPEC) has also improved its forecast for global oil demand for the current year and is now expecting an increase of 5.95 million barrels per day.

Additional support for quotations of «black gold» was provided by yesterday's data on crude oil reserves in the United States. The Energy Information Administration (EIA) reported that oil reserves last week fell by 5.89 million barrels, while analysts had expected a half-cut, by 2.89 million barrels. In the current environment, oil prices will continue to trade above $66.00 per barrel.
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