On Wednesday, prices for benchmark oil continue to rise amid forecasts of an improvement in the global economy and an increase in demand for energy, Interfax reports.
The International Monetary Fund (IMF) improved its forecast of global economic growth for 2021 to 6% from 5.5%, in 2022 – to 4.4% from 4.2%.
The cost of June futures for Brent oil on the London ICE Futures exchange by 8:15 a.m. Kyiv time on Wednesday amounted to $63.05 per barrel, which is $0.31 (0.49%) higher than the price at the close of the previous session. As a result of trading on Tuesday, these contracts rose by $ 0.59 (1%) to $ 62.74 per barrel.
The price of May futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) by this time reached $59.6 per barrel, which is $0.27 (0.46%) higher than the level at the close of the previous session. On Tuesday, the value of these contracts increased by $0.68 (1.2%) to $59.33 per barrel.
The oil market shows that it is okay with the recent OPEC+ decision to increase production, and is "ready to take advantage of the reduced uncertainty," said Louise Dixon, oil analyst at Rystad Energy.
“With the level of supply in the market for the next few months now known, traders can focus on the outlook for demand,” she says.
Data from the American Petroleum Institute (API), released on Tuesday, showed a decline in US oil inventories for the week ended April 2, by 2.62 million (bpd). A week earlier, inventories rose by 3.91 million barrels per day.