– Oil demand will be further strengthened

The oil price rises on Thursday morning and the burnt oil is up 0.77 percent, to 71.76 dollars. WTI oil is up 0.66 percent, to $ 69.21.

During the night until Thursday, the Brent oil price hit $ 72 a barrel for the first time since May 2019.

In comparison, a barrel of North Sea oil cost $ 70.94 at closing time on the Oslo Stock Exchange on Wednesday.

Oil prices are thus rising for the third day in a row due to expectations of an increase in fuel demand later this year, especially in the US, Europe and China. At the same time, large manufacturers maintain supply discipline, reports Reuters.

The consensus among the players, including OPEC +, is that demand for oil will exceed supply in the second half of 2021, which has increased prices recently.

OPEC + data shows that towards the end of the year, demand for oil will be 99.8 million barrels per year. day against an offer of 97.5 million barrels per. day. Demand growth will largely come in the US, partly due to increased car use this summer, combined with increasing fuel needs in China and the UK.

“Oil demand will be further strengthened, led by the United States, Europe and China,” writes commodity analyst Vivek Dhar of the CBA in a note, reports Reuters.

Stock numbers

It has also ticked in stock figures, which show that crude oil inventories in the US fell by 5.4 million barrels last week. This emerges from a study by the American Petroleum Institute (API), which is the USA’s largest industry organization for the petroleum industry, reports TDN Direkt.

The API figures further show that petrol inventories increased by 2.5 million barrels, while distillate inventories increased by 1.6 million barrels last week.

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