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Oil is rising due to the decrease in US inventories
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Crude oil rose, Wednesday, after industrial data showed that US oil inventories fell more than expected and OPEC raised its forecast for oil demand, but the gains were sharpened by concerns about the Corona virus and increased supplies.
Brent crude futures rose 42 cents, or 0.6 percent, to $ 64.09 a barrel at 05:21 GMT, after rising 39 cents on Tuesday.
U.S. West Texas Intermediate crude futures rose 40 cents, or 0.7%, to $ 60.58 a barrel, after Tuesday's rise of 48 cents.
Signs of a strong economic recovery in China and the United States underpinned recent gains in oil prices, but concerns about a worldwide halt of vaccine launches and a high number of COVID-19 cases in India and Brazil limited the gains.
The Organization of the Petroleum Exporting Countries (OPEC) revised its forecast on Tuesday for global oil demand growth this year, and now expects demand to rise by 5.95 million barrels per day in 2021, an increase of 70,000 barrels per day from its forecast last month. .
To further support the market, sources said that data from the American Petroleum Institute showed that crude inventories fell by 3.6 million barrels in the week ending April 9.
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