Oil rising after OPEC+ forecast

Global oil prices are rising on April 27 morning, investors are paying attention to the news about the decision of OPEC+ to raise the short-term forecast for growth in global oil demand, Report informs referring to Prime agency.

As of 9:32 (GMT+4), the price of July futures for North Sea Brent oil blend was growing by 0.77 percent, to $65.53 per barrel, the price of June futures - by 0.7 percent to $66.11 per barrel. The cost of June futures for WTI oil rose by 0.76 percent to $62.38 per barrel.

On April 26 evening, Bloomberg reported that the OPEC+ technical committee of experts raised the forecast for the growth of world oil demand to 6 million barrels per day on average this year from the March estimate of 5.6 million.

Also, the OPEC+ alliance will hold a meeting of the ministerial monitoring committee on April 27 - a day earlier than the original plans.

OPEC Secretary-General Mohammad Barkindo said on April 26 that there are “positive signals” in the global economy, but also pointed to factors in the oil market that require ongoing vigilance.

“The OPEC+ meeting this week will have to balance the improved view in China, the US and Europe against negative data in India and other regions,” said Stephen Innes, a chief market strategist at Axi. It’s unlikely that bulls within the group will be able to make a strong case for an accelerated easing of production cuts, he added.