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BRENT overview 12.05.2021

Oil rises on demand outlook.

Oil rising today amid signs of the faster economic recovery and optimistic forecasts for energy demand as the result of the by mass vaccination campaigns against COVID-19 across the European Union and USA. The demand expectations were supported by The International Energy Agency (IEA) saying in its monthly report that demand for oil will exceed the output of top producers. “The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter,” the IEA said. Oil prices are also supported by the outlook from OPEC, which yesterday repeated its forecast for a strong recovery in world oil demand in 2021 – with growth in China and the United States outweighing the impact of the coronavirus crisis in India and elsewhere.

Except buyers on downward corrections.

Next resistance to watch – 69.78

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