Oil prices rise amid IEA demand forecast

14/04/2021 Argaam

Oil rigs

Oil prices edged higher on Wednesday after the International Energy Agency (IEA) raised its outlook for oil demand in 2021.

 

International benchmark Brent crude was trading up 1.6% at $64.69 per barrel, at 11.43 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 1.7% to $61.2 per barrel.

 

The IEA sharply raised its estimates on global oil demand for 2021, citing signs that global economy was recovering faster than previously expected.

 

Oil prices also found support in the American Petroleum Institute’s latest data, which showed that US crude stocks fell by 3.6 million barrels in the week ended April 9.

 

The official data on US inventories from the Energy Information Administration (EIA) is expected later today.

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