A rise in oil prices amid optimism + OPEC

Oil prices rose in Asia OPEC + expect the global economy to recover strongly this year, despite short-term demand prospects dragged down by the outbreak of new crown pneumonia in countries such as India, according to Rigzone report on April 27.

Crude oil futures rose above $62 a barrel after falling 0.4 percent on Monday. OPEC's + Technical Committee raised demand growth expectations for 2021, but warned that renewed outbreaks in India, Japan Brazil could undermine the recovery in oil demand. India's second wave of epidemics was particularly deadly, causing the country's health system to become overburdened, hindering fuel consumption.

India's largest refiner, the Indian Petroleum Corporation (Indian Oil Corp.), is selling gasoline to the spot market in rare ways, while other crude oil processing companies have delayed maintenance plans at some factories because workers either flee get sick.

OPEC held a monthly ministerial meeting + Wednesday to discuss its production policy, but some countries' prospects could pose challenges, although the organization has agreed to increase market supply May. Opec secretary-general mr barkindo said there was a "positive sign" of the global economy, but noted that there were many negative factors in the oil market that required continued vigilance.

"This week's OPEC + meeting will have to find a balance between the optimistic outlook for the United States Europe negative data in regions such as India ," Stephen Innes chief market strategist. it's worth mentioning that bulls within the OPEC + are unlikely to make proposals to accelerate the easing of production cuts ."

In terms of oil prices. At 7.30 a.m. London time, West Texas Intermediate crude (WTI) rose 0.8 percent to $62.39 a barrel on the New York Mercantile Exchange in June. Brent crude rose 0.7 percent to $66.13 a barrel in June, down 0.7 percent the previous session.

Brent crude oil spot premium of 57 cents, this is a bullish signal, short-term contracts are higher than forward contracts. By contrast, the spot premium was 40 cents in early April.

OPEC's Committee of + Technical Experts predicts that oil consumption will increase by 6 million barrels a day this year last year. By the end of the quarter, most of the fuel stocks accumulated during the outbreak will be emptied.

Strong economic recovery in China the United States, some positive signs of recovery in parts of Europe. In the first quarter, South Korea's investment export growth accelerated, the pace of economic recovery was stronger than expected.

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Source: China Energy Network