Some of the world’s wealthiest nations are grappling with stubborn coronavirus rates, but a brightening outlook and historic stimulus packages will boost economic activity and oil demand this year, the Organization of the Petroleum Exporting Countries said Tuesday.
In its closely-watched monthly market report, OPEC increased its 2021 global oil demand forecast by 100,000 barrels a day and raised its forecast for global economic growth by 0.3 percentage points to 5.4%.
Oil prices rose Tuesday, with Brent crude oil—the global benchmark—up 1.1% at $63.96 a barrel and West Texas Intermediate futures, the U.S. benchmark, climbing 1% to $60.27 a barrel. Upbeat Chinese economic data gave oil a boost early Tuesday, according to Helge André Martinsen, senior oil market analyst at DNB Markets.
To read the full article by the Wall Street Journal, please click here.