WTI falls back below $65 after IEA says a new oil super-cycle is unlikely
|Oil prices are unlikely to see a new super-cycle, the International Energy Agency (IEA) said in its latest monthly oil market report published on Wednesday, adding that a supply shortfall is also unlikely to be on the cards.
Additional takeaways
Stronger demand, OPEC+ output curbs point to sharp stock draws during H2.
There is more than enough oil to keep the market adequately supplied.
Oil inventories still look ample compared with historical levels.
Oil demand will return to 2019 levels by 2023.
Keeps global oil demand forecast steady for 2021.
Market reaction
WTI drops further below the $65 mark on the discouraging headlines from the IEA. The spot sheds 0.49% to trade at $64.47, as of writing.
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