Crude oil price is trading higher as investors await the EIA’s short-term energy outlook (STEO). WTI is up by 2.25% at $60.10 while Brent has risen by 1.58% at $63.12. In the March STEO, the agency estimated that the benchmark for global oil would average at $64 in Q2’21. Investors await the reaction of crude oil price to April’s STEO. This is after OPEC+ announced that it would begin pumping more oil into the market from May. The alliance intends to gradually increase supply by 2 million bpd between May and July. Besides, EIA is scheduled to release its weekly numbers on US crude oil inventories on Wednesday. In the ... (full story)