Oil rigs

Oil prices were stable on Wednesday amid prospects for stronger global economic growth, and ahead of data on US crude inventories.

 

International benchmark Brent crude was stable at $62.77 per barrel, at 9 am Makkah time.

 

West Texas Intermediate (WTI) crude was trading at $59.36 per barrel.

 

The International Monetary Fund (IMF) raised its forecast for global economic growth this year by 0.5% to 6%, supported by new stimulus packages and increased vaccinations.

 

Crude inventories fell by 2.6 million barrels in the week ended April 2, according to American Petroleum Institute (API) data.

 

The Energy Information Administration’s (EIA) report on US crude stockpiles is expected later today.

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