Crude Prices Rise as Demand Increases
Oil prices rose by 4.5 percent Wednesday as US stockpiles diminished and demand rose in an increasingly vaccinated world.
Both OPEC and the International Energy Agency this week predicted that crude oil demand would increase. Meanwhile, the US Energy Information Administration (EIA) reported that US crude inventories fell by 5.9 million barrels to 492.4 million barrels.
According to OPEC, 2021 global oil demand is now expected to average 96.46 million bpd. The IEA is now estimating that global oil demand will average 96.7 million bpd, it said in its April report published Wednesday, on the back of improved economic forecasts and the outlook for accelerating vaccination programs.
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