Oil rises on OPEC+ supply restraint and brighter economic forecast
Oil prices rose on Wednesday, supported by an OECD forecast for on global economic recovery and by OPEC+ oil output curbs, though gains were capped by rising U.S. inventories.
Brent crude rose 34 cents, or 0.5%, to $67.86 a barrel by 1310 GMT and U.S. West Texas Intermediate crude rose 51 cents, or 0.8%, to $64.52.
The pandemic-hit global economy is set to rebound with 5.6% growth this year and expand 4% next year, the Organisation for Economic Cooperation and Development (OECD) said in its interim economic outlook. Its previous forecast had been for growth of 4.2% this year.
“When it comes to lifting market sentiment, there is very little that can rival an upgrade to the post-COVID economic recovery,” said Stephen Brennock of broker PVM.
