Oil prices regain growth on general optimism
According to trading data, world oil prices returned to growth on Thursday evening on general optimism after a correctional decline in the afternoon.
Report informs, citing Prime, that the price of June futures for North Sea Brent crude rose by 0.23%, to $66.73, and May futures on WTI gained 0.13%, reaching $63.23 per barrel.
The day before, oil prices rose within 5%, which led to a correctional decline in quotations earlier on Thursday.
Traders’ optimism is still associated with the assessment of the balance of supply and demand for oil in the market. On Wednesday, the US Department of Energy announced a decline in the country’s oil reserves at the fastest pace since February, to 492.4 million barrels, and the International Energy Agency (EIA) upgraded its forecast for global crude demand in 2021.
Energy Aspects analysts, quoted by the Wall Street Journal, say global oil demand is “recovering, albeit unevenly.”
Moreover, robust statistics from the US, indicating economic growth, support the positive sentiment in the market. US retail sales rose 9.8% in March compared to February, a record since May 2020.