Oil prices returned to rising after seeing a decline in US crude oil supplies and an optimistic outlook from OPEC on global fuel demand in 2021.
Entering the European session, Brent crude futures traded steady at 68.55 a barrel, while US WTI traded around $ 65.30 a barrel.
Most recently, the American Petroleum Institute (API) reported a decrease of 2.5 million barrels in U.S. crude oil inventories last week.
The decline came before the US Colonial Pipeline was hit by a cyber attack last Friday that forced the pipeline carrying more than 2.5 million barrels of fuel a day to be closed.
In addition, the strengthening of prices was also supported by the latest survey from OPEC which held to the forecast for a strong recovery in world oil demand this year with support from growth in China and America.
OPEC expects demand to increase by 5.95 million barrels a day, unchanged from its forecast last month. Still, it reduced its demand outlook for the second quarter by 300,000 a day due to soaring Covid-19 infections in India.
