21 days ago • Posted by Martin Boujol
Oil climbs thanks to OPEC's optimism
Oil climbed in Asia after OPEC+ predicted a strong global recovery this year, despite the demand being a little shy. New York futures rose above $62 before sliding 0.4% on Monday. OPEC+ believes that oil consumption will rebound by 6 million barrel from last year, but recent happenings in India and other countries might come to challenge this rather bullish outlook. OPEC+ believes that their stocks from the pandemic will be cleared before the end of the quarter.
Source: Yahoo Finance, Bloomberg