The pan-European STOXX 600 rose 0.5% by 0720 GMT, adding to gains made earlier this week when the index erased all of its pandemic-driven losses.

U.S. commercial crude oil inventories decreased by 3.5 million barrels to 498.3 million barrels.

Brent rose by 34 cents, or 0.5%, to $63.08 a barrel. WTI was up 32 cents, or 0.5%, to $59.65.

EIA forecasts that Brent prices will average $65/b in the second quarter of 2021, $61/b during the second half of 2021, and $60/b in 2022.

Japan’s Nikkei was a shade higher while Australian shares rose 0.6% and South Korea’s KOSPI added 0.5%. Chinese shares, however, were weaker with the bluechip CSI300 index down about 1% after a strong rally last week.

Brent rose 90 cents, or 1.5%, to $63.05 a barrel. WTI rose 98 cents, or 1.7%, to $59.63.

European traders returned from a long weekend to push the STOXX 600 up 0.8% to 435.7 points. It has climbed more than 60% from last year’s lows and surpassed its previous all-time high of 433.90 points in February 2020.

Brent fell 96 cents, or 1.5%, to $63.90 a barrel. WTI was at $60.56 a barrel, down 89 cents, or 1.5%.

Brent rose $1.94, or 3.1%, to $64.68 a barrel. WTI was up $2.10, or 3.6%, at $61.26 a barrel.

The OPEC+ alliance will raise its collective output caps by 350,000 b/d in May, another 350,000 b/d in June, and 441,000 b/d in July.

The Worldwide Rig Count for March was 1,231, down 38 from the 1,270 counted in February 2021,

U.S. Rig Count is up 13 from last week at 430, Canada Rig Count is down 12 from last week to 69

Brent was up by 91 cents, or 1.5%, at $63.65 a barrel. WTI was up 99 cents, or 1.7%, at $60.15 a barrel.

The positives offer hope, but we need to remember that the environment remains challenging, complex and uncertain, with the market volatility we have witnessed in the last two weeks of March a reminder of the fragility facing economies and oil demand.

U.S. commercial crude oil inventories decreased by 0.9 million barrels to 501.8 million barrels.