Oil prices climb on optimistic demand outlook

Gulf Today Report 

Oil prices rose on Wednesday on the forecast of recovery in global fuel demand, however, the surge in coronavirus cases in India and the unexpected build in US crude stocks capped gains.

Brent crude futures rose 28 cents, or 0.42%, to $66.70 a barrel at 06:46 GMT while US West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.46%, to $62.23 a barrel, after gaining 1.7% on Tuesday.

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OPEC+ have decided to stick to the plan of a phased easing of oil production restrictions from May to July.

That decision has underscored the producers' confidence in a recovery in global demand.

In a report by OPEC+ experts, the group forecast global oil demand in 2021 would grow by 6 million bpd, after falling 9.5 million bpd last year.