The international oil benchmark, Brent crude, surged by five per cent after a report from the International Energy Agency, followed by US inventory data, boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption.
Petrol supplied in latest week, indicating the US consumption of the fuel, rose to 8.9 million barrels per day, the highest since August.
Petrol stocks edged higher by 309,000 barrels, less than expectations for a 786,000-barrel rise.
Similarly, the Organisation of the Petroleum Exporting Countries on Tuesday raised its global demand forecast by 70,000 bpd from last month’s forecast and now expects global demand to rise by 5.95 million bpd in 2021.
Signs of a strong economic recovery in China and the United States have underpinned recent price gains, but stalled vaccine rollouts worldwide and soaring COVID-19 cases in India and Brazil have slowed the market’s advance.
