Oil prices fluctuate, and Brent is at $66.61 a barrel


April 15, Fineko/abc.az. Prices of oil of standard grades on Thursday have moved weakly and in different directions after the day before they reached the highest level since mid-March.

The rise was driven by data about the decline of U.S. inventories, as well as improvement of forecasts on global oil demand this year.

According to U.S. Department of Energy’s weekly report, country's commercial oil reserves fell by 5.89 million barrels last week. Gasoline inventories increased by 309,000 barrels. Commercial distillate stocks decreased by 2.08 million barrels.

By 9:39 am, at the London ICE Futures Exchange the June’s Brent crude futures increased $0.03 (0.05%) up to $66.61 per barrel. At the end of trading on 14 April the price of Brent crude oil futures for June grew by $2.91 (4.57%) up to $66.58 per barrel.

By 9:39 am, at the New York Mercantile Exchange (NYMEX) the price of the May’s WTI oil futures declined by $0.04 (0.06%) to $63.11 per barrel. At the end of trading on 14 April the WTI futures for May soared in price by $2.97 (4.94%) up to $63.15 per barrel.

Both contracts ended trading on Wednesday at the highest level since March 17.

The International Energy Agency raised on Wednesday its forecast on global oil demand in 2021 by 230,000 b/d, citing an improved economic outlook. The oil demand in 2021 will reach 96.7 million b/d (5.7 million b/d more than in 2020).

The day before OPEC improved the forecast of oil consumption in 2021. According to the new forecast, global oil demand will grow by 5.95 million b/d this year, and not by 5.89 million b/d, as previously predicted. Thus, oil consumption in 2021 will reach 96.46 million b/d against the previous estimate of 96.27 million b/d.