Brent crude gained 0.54% to settle at $66.94 per barrel per barrel, after gaining 4.6% on Wednesday and closing at the highest since March 17.
U.S. West Texas Intermediate futures advanced 0.49% to settle at $63.46 per barrel, having risen 4.9% in the previous session.
U.S. crude inventories were down by 5.9 million barrels last week, the Energy Information Administration (EIA) said on Wednesday, more than double analysts’ expectations for a 2.9 million-barrel decline. East Coast crude stocks hit a record low.
Global oil demand and supply are set to be rebalanced in the second half of this year after the evaporation of demand in 2020 as the COVID-19 pandemic raged, according to the IEA’s monthly report.
The Organization of the Petroleum Exporting Countries (OPEC), which has been withholding supply in tandem with other producers including Russia, this week raised its forecast for global oil demand this year.
OPEC expects demand to rise by 70,000 bpd from last month’s forecast and global demand is likely to rise by 5.95 million bpd in 2021, it said.
Reference: Reuters
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