Oil climbs to new 4-week highs on improved demand outlook

16.04.2021 - Kulakov Vladimir
Oil climbs to new 4-week highs on improved demand outlook

Oil prices rose to new four-week highs on Thursday on upbeat U.S. economic data and higher demand forecasts as countries begin to recover from the COVID-19 pandemic.

Brent futures climbed 0.5%, or 36 cents, at $66.94 per barrel on Thursday after gaining nearly 5% on Wednesday. U.S. West Texas Intermediate crude gained 0.5%, or 31 cents, at $63.46 per barrel.

Those were the highest closes for both contracts since March 17 for a second session in a row. It put both benchmarks up for a fourth straight session for the first time since February. 

The dollar index was on course to slip to a four-week low. A weaker dollar makes oil cheaper for buyers of other currencies, supporting prices. 

OPEC and the IEA revised their forecasts for global oil demand in 2021 to 5.7 million bpd and 5.95 million bpd respectively. Meanwhile, the U.S. crude stockpile dropped 5.9 million barrels last week.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?