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The global oil market started last week with more than 1% growth, as investors positively assess the pace of vaccinations and the prospects for a recovery in demand, as well as expect the imminent removal of restrictions on movement.

The price of June futures for North Sea Brent crude oil rose by 1.16%, to $ 63.68, and May futures for WTI - by 1.1%, to $ 59.95 per barrel. Nevertheless, certain fears associated with the pandemic still remain. Market participants are especially worried about the situation in Asia, where there is some exacerbation of the situation with COVID-19.

OPEC, meanwhile, raised its forecast for growth in global oil demand in 2021 by 0.1 million barrels per day, to 6 million barrels per day, and now expects global demand to reach 96.5 million barrels per day, according to the the organization's monthly report. In its March report, the organization predicted an increase in demand by 5.9 million barrels per day, and in February - by 5.8 million barrels per day. The main reason is a more intensive economic recovery than previously thought. At the same time, the organization continues to adjust the estimate of oil demand in 2020 and now reports on a global decrease in demand by 9.5 million barrels per day - to 90.5 million barrels per day.

The International Energy Agency (IEA) also positively assessed the prospects for the recovery in oil demand in the world market. The new forecast expects an increase of 5.7 million barrels per day. The released report says that global oil demand in 2021 will reach 96.7 million barrels per day, showing the increase of 5.7 million barrels per day from the level of 2020. Despite the results lower than expected in the first quarter of this year, the growth in demand was revised upwards by 230 thousand barrels per day due to positive economic outlook. However, recovery remains fragile given the rise in cases in high-consumption countries. OPEC and IEA forecasts, together with a larger-than-expected decline in US inventories, caused a sharp rise in oil prices - on Wednesday, "black gold" rose in price by almost 5%.

The week ended with solid growth. The price of June futures for North Sea oil Brent rose by 0.3% - up to 67.14 dollars, for May futures for WTI - by 0.24%, up to 63.61 dollars per barrel. As a result, since the beginning of the week oil has risen in price by almost 5% on a number of positive factors. On Friday, the quotes are supported by statistics from China, one of the world's largest oil consumers. The country's GDP in the first quarter grew by 18.3% in annual terms. In addition, investor optimism continues to be supported by improved forecasts for demand from OPEC and the International Energy Agency (IEA).

 

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