Oil Prices Gained on OPEC’s Demand Upgrade and G7 Statement

Crude oil prices gained as the OPEC raised its oil demand forecasts and the USD weakened. G-7’s statement denied a currency war. It appeared that central banks of Japan, as well as of other countries, would continue to adopt monetary easing policies as they wish. The front month contract for WTI crude oil rose for a second day, by +0.49%, to 97.51, while the equivalent Brent crude contract added +0.45% to 118.66.

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Oil Prices Gained on OPEC’s Demand Upgrade and G7 Statement