Oil climbs on demand outlook as market awaits fresh cues | Reuters
Oil prices rose on Wednesday on signs of a speedy economic recovery and upbeat predictions for energy demand in light of progress with vaccinations against COVID-19, though waves of infections in India and Brazil weighed on gains.
Brent crude climbed 18 cents, or 0.3% to $68.73 a barrel at 0846 GMT. U.S. West Texas Intermediate crude rose 20 cents, or 0.3%, to $65.48.
The International Energy Agency (IEA) said in its monthly report that demand for oil will exceed the output of the top producers.
"The anticipated supply growth through the rest of this year comes nowhere close to matching our forecast for significantly stronger demand beyond the second quarter," the IEA said.
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