Crude futures rallied nearly 3% March 11 amid a rising tide of bullish sentiment fueled by improved second-half 2021 outlooks. NYMEX April WTI settled $1.58 higher at $66.02/b, and ICE May Brent climbed $1.72/b to $69.62/b.
In its closely watched Monthly Oil Market Report released March 11, OPEC revised up its forecast of 2021 oil demand by 220,000 b/d to 96.27 million b/d, but said the recovery would be backloaded in the second half of the year, after disappointing data in Q1.
Estimates for Q3 and Q4 were raised by 400,000 b/d and 970,000 b/d, respectively, while Q1 and Q2 were lowered by 180,000 b/d and 310,000 b/d. Demand outlooks were further buoyed by the passage of the $1.9 trillion US stimulus plan. President Joe Biden signed the bill into law late March 11.
