Oil prices have risen by more than 1% due to optimistic fuel demand

According to Oil Monster on April 29th, crude oil prices rose by more than 1% on Wednesday.

The OPEC+ organization, composed of OPEC and its allies, decided on Tuesday to stick to a plan to relax oil production restrictions in stages from May to July, indicating that the organization is confident that global demand will recover.

Brent crude oil futures rose 85 cents to close at $67.

The U.

Distillate stocks, including heating oil and diesel, fell by 3.

Bob Jager, director of Mizuho Energy Futures, said: "During the planting season and online truck delivery, diesel sales are considerable.

In a report released by OPEC+ experts earlier this week, the organization predicted that global oil demand will increase by 6 million barrels per day in 2021, while global oil demand fell sharply by 9.

The Bank of Goldman Sachs of the United States said that with the acceleration of vaccination in Europe and the rising demand for travel, oil demand is expected to witness the largest increase in history in the next six months, reaching 5.

　　Feng Juan excerpted and translated from Oil Monster

　　The original text is as follows:

　　Oil Gains More Than 1% on Fuel Demand Optimism

　　Crude prices rose more than 1% on Wednesday, after US distillate inventories posted a large drawdown and refiners ramped up activity to the highest in over a year, boosting hopes for rising fuel demand in the world's top oil consumer.

　　OPEC+, comprising of the Organization of the Petroleum Exporting Countries and its allies, on Tuesday decided to stick to plans for a phased easing of oil production restrictions from May to July, an indication that the group is confident that global demand will recovery.

　　"The market is supported by the general belief that the COVID endgame is in sight," said Tamas Varga, analyst at PVM Oil associates.

　　Brent crude futures gained 85 cents, or 1.

　　US crude inventories rose by 90,000 barrels last week, the Energy Information Administration said, much smaller than analysts' forecasts for a 659,000-barrel build.

　　Distillate stockpiles, which include heating oil and diesel fuel, fell by 3.

　　"Between planting season and online truck deliveries, you have a nice number in the diesel," said Bob Yawger, director of energy futures at Mizuho.

　　In a report by OPEC+ experts earlier in the week, the group forecast global oil demand in 2021 would grow by 6 million barrels per day, after demand plunged by 9.

　　US bank Goldman Sachs said it expected the biggest jump in oil demand in history at 5.
2 million bpd over the next six months, as vaccination campaigns accelerate in Europe and travel demand climbs.

　　Goldman said easing international travel restrictions in May would hike jet fuel demand by 1.
5 million bpd.

　　In India, the world's third-largest oil consumer, the COVID-19 death toll surged past 200,000 and infections have climbed by more than 300,000 cases a day for a week.