Oil prices rose on May 12 with the International Energy Agency (IEA) predicting that demand for it will exceed the output of the top producers.
Signs of an economic recovery and the success of vaccinations against COVID-19 have both impacted on the price rise as Brent crude climbed 18 cents, or 0.3 percent to $68.73 a barrel at 0846 GMT. US West Texas Intermediate crude rose 20 cents, or 0.3 percent, to $65.48.
The International Energy Agency (IEA) said in its monthly report that demand for oil will exceed the output of the top producers.
“The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter,” the IEA said.
The Organisation of the Petroleum Exporting Countries (OPEC) outlook also remains positive as it forecast for a strong recovery in world oil demand in 2021, with growth in China and the United States outweighing the impact of the coronavirus crisis in India.
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