Oil prices are growing this morning, after OPEC said it expects higher oil demand this year.
April Brent crude, the global oil benchmark, gained 39 cents (0.62%) to end at $62.98 a barrel on London’s ICE Futures exchange.
Meanwhile, March West Texas Intermediate crude (WTI) added 32 cents (0.54%) to settle at $59.61 a barrel, near the day’s low of $59.29. It was trading higher at around $59.80 before the shale-oil output forecast. Prices lost nearly 10% last week.
OPEC said the healthy world economy should provide the backdrop for faster-than-expected oil demand, Reuters reported.
