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Oil Prices Rise on Improved Demand Outlook

M. Ali 12 March, 2021 2:31 am Commodities, Market Update

Oil prices rose for the second consecutive session, registering large gains on the back of a weaker U.S. Dollar (USD) and expectations of global demand recovery during the second half of the year.

In addition, large draws in U.S. fuel inventories have eased fears of an oversupply, especially with the OPEC+ recently deciding to extend output curbs into April.

Brent crude futures for May delivery rose by $1.73, or 2.6%, to $69.63 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for April delivery gained $1.58, or 2.5%, to finish at $66.02.

OPEC’s monthly report, released on Thursday, expects global demand will rise by 5.89 million barrels per day (b/d) in 2021, raising its forecast by 6.5% compared with its previous report.

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