(MENAFN- ProactiveInvestors)Oil prices pushed up to set a new high for 2016 as the market became more hopeful of a demand driven recovery. Earlier today Brent crude reached above US$47 per barrel. In the London trading this afternoon Brent crude was changing hands at around US$45.70 while the West Texas Intermediary futures trading just below US$44. US crude oil inventories as measured by the American Petroleum Institute (API) unexpectedly reduced by 1.1mln barrels last week. Corresponding figures from the US energy department due later today will be the focus for oil traders. It comes after the World Bank highlighted improving market sentiment and a weakening dollar as it increased forecasts for 2016 from US$37 per barrel to US$41. 'We expect slightly higher prices for energy commodities over the course of the year as markets rebalance after a period of oversupply' John Baffes World Bank economist said in a statement. The World Bank yesterday released its commodity markets outlook.
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