London — Oil hit an 11-month high on Wednesday, boosted by a draw in US crude and petrol stocks, which fueled demand recovery hopes as oil cartel Opec and its allied producers, including Russia has forecast that the market will be in deficit in 2021.
The contract’s backwardation structure, in which oil for near delivery is more expensive than further forward, was near a one-year high at more than $2, indicating expectations of tighter supply. The market was also bolstered by news that Democrats in the US Congress took the first steps towards advancing President Joe Biden’s proposed $1.9-trillion coronavirus aid plan without Republican support.
Petrol stocks fell by 240,000 barrels, defying analysts’ expectations for a build of 1.1-million barrels. Distillate inventories also fell.Prices were also buoyed by the latest assessment by Opec+ that the oil market could be in deficit throughout 2021, according to a document seen on Tuesday.
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