NRGO - Weekly Energy Recap: May 14 2021

• Brent crude price rose by $0.43 to $68.71 per barrel for the week. West Texas Intermediate rose by $0.47 to $65.37 per barrel.
• OPEC reported a surprising surge in commercial oil inventories, increasing by 10 million barrels month on month in March 2021 - 13.5 million barrels higher than the same time a year ago and 37.8 million barrels above the latest five-year average.
• OPEC's oil demand outlook was unchanged from last month’s estimate, averaging 96.5 million barrels per day (bpd) despite indications of a global economic recovery, central banks’ assertion of an environment of low interest rates and the continuing program of asset purchases.

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