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Oil near one-month highs as demand outlook improves

 Oil prices eased on Thursday but remained close to a one-month high that was driven by more positive demand forecasts from the International Energy Agency (IEA) and OPEC as economies start to rec

Brent crude was down 21 cents, or 0.3%, at $66.37 a barrel by 1351 GMT after touching its highest since March 18 at $66.94.

U.S. West Texas Intermediate futures fell 33 cents, or 0.5%, to $62.82. It had earlier reached $63.48, also the highest since March 18.

Both contracts rose by about 5% on Wednesday.

“Support is coming from various sides: for one thing, the macro environment remains favourable in terms of the economic outlook, the high risk appetite among investors and the weak U.S. dollar,” Commerzbank said.

The IEA and Organization of the Petroleum Exporting Countries (OPEC) made upward revisions to their global oil demand growth forecasts for 2021 this week to 5.7 million barrels per day (bpd) and 5.95 million bpd respectively.

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Source: SweetCrudeReports

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