Oil price goes up: Brent costs $64.46 per barrel

On Wednesday, oil quotations are growing due to strong macroeconomic statistics from China, which supported investor optimism about the outlook for oil demand, Interfax reports.

By 8:15 a.m. Kyiv time, May Brent futures rose in price on the London ICE Futures exchange by $0.32 (0.5%) to $64.46 per barrel. On Tuesday, Brent fell by $0.84 (1.3%) to $64.14 per barrel.

By this time, May futures for WTI were rising in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.25 (0.41%) to $60.8 per barrel. During the previous session, the contract fell by $1.01 (1.6%) to $60.55 per barrel.

The focus of the market on Wednesday is the meeting of the JMMC, which will assess the situation on the market before the discussion of oil production quotations by the ministers of the states in May. The meeting will be held on Thursday.

At a meeting on Tuesday, the OPEC+ technical committee considered the extension of the current quotations for May and the preservation of Saudi Arabia's voluntary restrictions on 1 million barrels of oil per day as the main option, a source in one of the delegations told Interfax.

According to Bloomberg, which cites delegates, experts from the technical committee have lowered their forecast for oil demand for 2021. According to the new forecast, demand will increase this year by 5.6 million barrels per day (bpd), from 5.9 million bpd as previously expected.

Tags: oil, Asia, OPEC+, price, petroleum products, decline in production, economy, Europe

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