In its latest monthly forecast report, the U.S. Energy Information Administration said that it cut its 2019 world oil demand growth expectation by 50,000 barrels per day to 1.49 million barrels per day. The EIA cut its 2020 oil demand growth forecast by 50K bpd to 1.48 million bpd. With the initial market reaction to these announcements, the barrel of WTI eased from its session highs and was last seen trading at $53.55, where it was still up 2.15% on a daily basis.
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