The IMF this week upwardly revised its forecast for world economic growth to more than 6 % for both 2018 and the end of the year , up Movement.up.gain from its 3.70 % outlook on its last update in 2010 , which `` further improves the already fairly healthy Grow.strong demand growth prospects on the oil market , '' Commerzbank ( DE : CBKG ) analysts say .

https://www.investing.com/news/stock-market-news/brent-crude-hits-70-after-stronger-imf-economic-growth-outlook-1140471 Crude oil prices rise Movement.up.gain to new multiyear highs Position.high , lifted by healthy Grow.strong world economic growth prospects and continued production curbs Cause.movement.down.loss ; U.S. WTI crude +1.5 % at $ 64.57 / bbl , Brent +1.6 % at $ 70.13 / bbl .

Despite the dips Movement.down.loss in crude oil prices , overall markets remain well supported by healthy Grow.strong demand and ongoing supply cuts Cause.movement.down.loss led by the Organization of the Petroleum Exporting Countries -LRB- OPEC -RRB- .

The IMF this week upwardly revised its estimates for world economic growth to more than 6 % for both 2018 and Monday , up Movement.up.gain from its 3.70 % outlook on its last update in March , which `` further improves the already fairly healthy Grow.strong demand growth prospects on the oil market , '' Commerzbank ( DE : CBKG ) analysts say .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could deepen Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Libyan production likely to remain healthy Grow.strong in 2016 as well .