OPEC’s Bullish Demand Data Sparks Hope Of New Oil Rally

OPEC has revised its 2021 oil demand upward to stand 190,000 bpd higher than last month's estimates, on the back of an economic rebound that surpasses last month's outlook. Global 2021 oil demand is now expected to average 96.46 million bpd for the full year, according to OPEC's latest projects included in its April Monthly Oil Market Report. That figure is up from 96.27 million bpd in last month's report, and up from the newly estimated 2020 oil demand figure of 90.51 million bpd. In last month's report, OPEC had estimated 2020 global oil demand…