2021.04.2710:10:00UTC+00Oil Edges Higher In Range-bound Trade

Oil prices edged higher in range-bound trading on Tuesday after OPEC and its allies projected a strong recovery in global oil demand this year. The upside was capped by growing concerns about fuel demand.

Brent crude for July settlement rose 0.2 percent to $65.17 per barrel, while WTI crude futures for June settlement were up 0.2 percent at $62.05.

OPEC and its allies led by Russia will meet today to discuss production policy as downside risks mount amid concerns about new coronavirus spikes in countries like India, Brazil and Japan.

On Monday, OPEC+ kept its forecast for global oil demand growth for this year unchanged, projecting it to rise by 6 million barrels per day (bpd) for 2021 after the biggest ever fall of 9.5 million bpd due to the pandemic.

The OPEC+ joint technical committee (JTC) is concerned about the growing coronavirus case numbers in some substantial oil importers, Reuters quoted sources as saying.

India continues to report over 3 lakh new cases daily and more than 2000 deaths due to the virus, putting a strain on the medical infrastructure of the country.