Oil gains amid confidence on fuel demand recovery

Oil gains amid confidence on fuel demand recovery

Oil prices rose on Friday, nearing their second week of gains amid growing confidence in fuel demand recovery.

Brent crude gained 0.3%, or 14 cents, at $45.10 per barrel. U.S. West Texas Intermediate rose 0.3%, or 12 cents, at $42.36 per barrel.

Prices were lifted this week by U.S. government data, which showed crude oil, gasoline, and distillate inventories all dropped last week amid a ramp-up in production and an improvement in oil demand.

Still, the International Energy Agency revised its forecast for fuel demand. The agency predicted that global oil consumption would be 8.1 million bpd lower this year due to less air travel.

OPEC also said that global oil demand is likely to fall by 9.06 million bpd this year, significantly bigger than the 8.95 million bpd drop predicted a month ago.

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?