Crude oil rose today, Wednesday, after data in the sector showed that US inventories fell more than expected, while OPEC raised expectations for crude demand, but concerns about the Corona virus and increasing supplies curbed the gains.

Brent crude futures rose 1.3% to $ 64.52 a barrel by 06:19 GMT, before continuing gains during today's trading, and Brent crude had increased 39 cents on Tuesday.

US West Texas Intermediate crude futures rose 1.4% to $ 61 a barrel, before it also continued its gains in today's trading to more than $ 61.

The US crude achieved an increase of 48 cents yesterday.

 Recovered

Signs of a strong economic recovery in China and the United States supported oil gains in recent days, but concerns about faltering vaccination campaigns and increasing coronavirus infections in India and Brazil have delayed the market's progress.

On Tuesday, the Chinese Customs Authority announced that the surplus of the Chinese trade balance (the difference between the value of exports and imports) increased by 6 times, or 691%, on an annual basis, in the first quarter of 2021, amid the improvement in the pace of the country's foreign trade.

China's trade balance surplus was 759.3 billion yuan ($ 110.5 billion) in the first quarter of 2021, up from 96 billion yuan ($ 13.9 billion) year-on-year.

US crude continued to rise, exceeding $ 61 a barrel (Reuters)

"The continued faltering in vaccination campaigns and the approaching global casualties to the January peak will likely limit oil's rise in the near term," said Vanda Insights, an energy analyst at Vanda Insights. The American recovery and the fact that the world is on the verge of emerging from the (Covid-19) crisis. "

She added that the dollar’s ​​decline "gives a slight push forward in recent days, but there are no major positive motives that liberate crude from its narrow trading range."

The US currency hit its lowest level in 3 weeks on Wednesday, which makes purchases of crude cheaper for holders of other currencies.

Sources said that the American Petroleum Institute data showed that crude inventories fell 3.6 million barrels in the week ending April 9, compared to analysts' expectations in a Reuters poll for a decline of 2.9 million barrels.

Expectations

The International Energy Agency said on Wednesday that the distribution of vaccines improves the outlook for global demand for crude, but the rise in cases in some major oil-consuming countries shows that the recovery may be fragile.

The agency added in its monthly report, "The fundamentals seem to be stronger for sure." ".

On Tuesday, OPEC raised its forecast for global oil demand growth in 2021, by 100 thousand barrels per day, compared with expectations last month, to support hopes of controlling the Corona pandemic.

The organization said, in its monthly report, that expectations of global oil demand growth will reach 5.95 million barrels per day in 2021, bringing the total daily oil demand to 96.45 million barrels.