News
- BNEWS Fuel demand outlook is on the rise as many US states loosen travel restrictions and the European Union (EU) seeks to attract more tourists.
- API data showed US crude inventories fell 7.7 million barrels in the week ending April 30. Gasoline stocks fell 5.3 million barrels and distillate stocks fell 3.5 million barrels over the same period.
- The US Energy Information Administration's weekly statistics will be released on Wednesday 5/5 (local time).
- Analysts said oil prices are being supported by the prospect of increased fuel demand as New York, New Jersey and Connecticut seek to ease the epidemic prevention restrictions. The EU's plans to open up to already vaccinated foreign tourists also give confidence to markets.
Meanwhile in India, the total number of COVID-19 cases has surpassed 20 million and is expected to drastically affect fuel demand in the world's second most populous country.
II- Assessment
- Oil price has increased according to forecasts from the beginning of April to $ 66.5 / barrel, currently confirmed long-term uptrend may reach 68.5 and beyond over $ 70 / barrel.
- Forecast for today Oil will reach the target of $ 67.74 / barrel
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