Oil futures: Prices buoyed on OPEC outlook, US data, Brent pulls back from near $73/b

London (Quantum Commodity Intelligence) – Crude oil futures rallied during London afternoon trading Thursday, buoyed by OPEC maintaining a bullish stance for demand growth in the second half of 2021

Brent futures for front-month August were trading at $72.39/barrel (1450 GMT), compared to Wednesday's settle of $72.22/b.

Earlier on the session, Brent reached fresh two-year highs of $72.92/b on upbeat US data showing a fall in US unemployment claims, while higher US inflation figures were also seen supportive for oil.

July WTI was trading $70.12/b, versus Wednesday's settle of $69.96/b.

OPEC maintained its firm demand outlook Thursday, keeping 2021 world oil demand growth unchanged at 6.0 million barrels per day, led by the US and China as the global economy emerges from the pandemic.

"Global oil demand is anticipated to pick up pace in 2H 2021, reaching 99.0 million bpd, compared to 94.1 million bpd in 1H 2021, with improving mobility in major economies supporting gasoline and on-road diesel demand," said OPEC in its Monthly Oil Market Report.

This week's US inventory data from the EIA continues to cast a shadow on the market, particularly the 7 million barrel build in gasoline stocks as 'driving season' gets underway.

Commerzbank said in a note Thursday, "…the increase in gasoline stocks is partly attributable to significantly higher capacity utilisation at refineries in the US – at 91.3%, it is at its highest level since January 2020.

"At the same time, however, (implied) gasoline demand – at 9.4 million barrels per day – declined noticeably last week, which is atypical for the start of the summer."

Meanwhile, talks in Vienna between Iran and the international community have been deferred until the weekend.

Iran remains upbeat on reaching agreement, saying Wednesday it was preparing for a speedy return to pre-pandemic production levels.

US diplomats, however, have repeatedly said a deal is some way off.