Oil accelerates growth amid favorable demand forecasts

On Tuesday, oil prices continued to rise thanks to upbeat demand forecasts. During the day, Brent quotes rose to $70 per barrel. The price of WTI crude oil rose to $67.25 per barrel.

Demand forecasts are improving amid the suspension of production at one of the drilling rigs in Mexico and full US approval of the coronavirus vaccine developed by Pfizer and BioNTech.

On Sunday, a fire broke out on an oil platform off the coast of Mexico, as a result of which production was suspended in the amount of 421 thousand barrels per day, or about a quarter of the country's total production.

Additional support for the «black gold» is provided by the approval of the US Food and Drug Administration (FDA) for the use of the coronavirus vaccine for people over 16 years of age. Authorities hope the news will further boost vaccination adoption.

This week, oil market participants are awaiting data on fuel reserves in the United States. Analysts predict a decrease in oil and gasoline reserves, as well as an increase in distillate stocks.