Oil prices rise as bullish demand outlook outweighs India crisis

29.04.2021 - Petr Mazaylo
Oil prices rise as bullish demand outlook outweighs India crisis

Oil prices extended gains on Thursday after climbing 1% in the last session as bullish forecasts on improving demand outweighed worries about the effect of surging COVID-19 cases in India, Brazil, and Japan. 

Brent crude for June delivery climbed 0.3%, or 22 cents, at $67.49 per barrel, while U.S. West Texas Intermediate crude for June contract gained 0.3%, or 18 cents, at $64.04 per barrel. 

OPEC and its allies maintained plans to gradually ease oil production cuts from May to July after the group revised its demand growth to 6 million bpd for 2021. The oil cartel also forecasts global stocks to hit 2.95 billion barrels in July. 

Analysts expect swift vaccination campaigns in Europe and North America to boost fuel demand to a record high of 101.5 million bpd while cautioning that surging COVID-19 cases in Brazil and India could hit local demand if fresh restrictions are implemented. 

Investors kept an eye on rising U.S. refinery operating rates and a decline in distillate stocks last week. U.S. crude stockpile climbed by 90,000 barrels last week, contrary to analysts’ forecasts for a 659,000-barrel gain.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?