Oil hits one-month highs as IEA, Opec raise forecasts

Published Fri, Apr 16, 2021 · 05:50 AM

Tokyo

OIL prices rose on Thursday to the highest level in nearly a month, after jumping 5 per cent in the previous session, driven by increased demand forecasts from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (Opec) as major economies recover from the pandemic.

Brent crude was up by 16 cents at US$66.74 a barrel by 0659 GMT, after reaching US$66.94 earlier, the highest since March 18, and gaining 4.6 per cent on Wednesday.

US West Texas Intermediate futures rose 12 cents to US$63.27 a barrel, earlier rising to US$63.48, also the highest since March 18. The contract rose 4.9 per cent i…