OPEC upgraded its 2017 global demand growth forecast to 1.27 million barrels per day, an upwards revision of 10,000 barrels per day as thirst from Asia rises. In its new monthly oil report on Wednesday, OPEC pointed to an uptick in demand anticipated in 2017. Asia, including India, is expected to lead this, followed by China and the U.S. Asia-Pacific is the only region expected to see a decline 2017. Total oil consumption in 2017 is expected to stand at 96.32 million barrels per day, according to the report.

The revised projections for 2017 reflect improved momentum in global economic growth, OPEC said. OPEC now expects global growth of 3.3 percent in 2017, up slightly from previous estimates of 3.2 percent. Growth within OECD developed nations is seen at 1.9 percent. Meanwhile, China's growth forecast was increased from 6.2 percent to 6.3 percent.

In the latest note on oil outlook, published Goldman Sachs’ analysts, cite that they expect a return to stable long-term oil prices, in the wake of improvements in technology and therefore the costs involved with shale extraction.

Preliminary US production estimates in the weekly Energy Information Administration (EIA) report that suggested domestic output is still rising. The report also showed stockpiles at the US crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week ended April 7th.