Crude Prices Remain Above $60 As Demand Outlook Improves

Compared to April 2020 “Black April”, seen as one of the worst months for global oil markets, April 2021 tells a very different story. Fundamentals are improving and a newfound bullishness is returning to the markets. Last week, Brent closed at $66.77, up by 5.72% w/w, while WTI closed at $63.13, up by 6.04% w/w, and prices continued to gain momentum on Monday. Prices have been supported by multiple factors including a weaker dollar, strong economic data from China, an improved economic growth forecast from the IMF, and strong demand…