Oil rises on increased demand.
Oil continues to rise steadily supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns accelerate worldwide. The price is driven up by the combined effect of demand optimism and OPEC+ supply cuts. Motor vehicle traffic is returning to pre-pandemic levels in North America and much of Europe which together with plans to donate of 1 billion vaccine doses to poor nations increases oil demand expectations. If the inoculation of the global population accelerates further, that could mean an even faster acceleration in oil demand. The International Energy Agency (IEA) said on Friday that it expected global demand to return to pre-pandemic levels at the end of 2022. The OPEC+ group has been restraining production to support prices – adding to the bullish pressure on oil.
Next resistance to watch – 74.72
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