April 16, 2021
China is one of the biggest importers of crude oil and good news on trade reports boosted the oil futures market. Imports in U.S. dollars rose in March by 38.1% from the prior year which was well above estimates. Additionally OPEC forecasts a 100,000 barrel a day increase in its oil demand projections for 2021. It expects it to climb to 96.5 million barrels per day by the end of the year. The upward revisions all come despite the slowing of the vaccine rollout from Johnson and Johnson. OPEC sees reopening and strong growth in OECD countries in Q2 and Q3 driving the oil demand. Oil was over $60 a barrel in futures markets.
(New York) Marketwatch
FINSUM + Magnifi: We remain bullish on oil as the economy continues to ease, although future regulation could be oil's biggest setback in the U.S.
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