Oil prices logged strong gains on Tuesday, April 13, with Brent closing 0.86% higher at $63.61/bbl, and WTI trading up 1.07% to $ 60.38/bbl.
OPEC’s monthly report released on Tuesday and a similar report by the IEA released this morning showed uncharacteristically uniform data. Both organizations raised their forecasts for global oil demand growth in 2021 by roughly the same amount – OPEC by 6 mln bpd, and the IEA by 5.7 mln bpd, while slightly lifting non-OPEC production forecasts and still expecting a decline in US crude oil production output this year. OPEC expects a decrease by 70,000 bpd, and the IEA by 100,000 bpd.
This morning, oil prices are rising again in anticipation of improved global demand outlook. As a result, Brent is up 1%, exceeding $64/bbl, and WTI is 1.1% higher, hovering near $61/bbl. Our Brent price forecast for today is in the range of 63.8-65/bbl.