Oil rising in price on optimism on demand & statistics from US

World oil prices are rising on April 29 morning, investors are more optimistic about the outlook for demand, while the market continues to evaluate statistics from the US on reserves and production over the past week, Report informs referring to Bloomberg.

As of 8:55 (GMT+4), the price of July futures for North Sea Brent crude oil blend grew by 0.25 percent - to $66.95 per barrel, while the price for June futures increased by 0.4 percent to $67.54 per barrel. The cost of June futures for WTI oil increased by 0.27 percent - to $64.03 per barrel.

“The Covid-19 pandemic continues, but the economic and oil demand recovery is moving forward, propelled by the U.S. and mainland China,” said Victor Shum, vice president of energy consulting for IHS Markit. “Pent-up travel demand will fuel gains in Europe and North America, assuming the pandemic is under better control in the coming months.”

The situation around the coronavirus continues to present uncertainty for the oil market. On the one hand, the situation with the pandemic in India and Japan is still alarming, while vaccination continues in the world. At the same time, following the meeting, the OPEC+ ministerial monitoring committee recommended that the alliance maintain the current terms of the deal on limiting production for May-July.