EIA lowers 2021 world oil demand growth forecast to 5.42 million barrels per day

Eren Sengezer FXStreet

The US Energy Information Administration (EIA) announced on Tuesday that it lowered its forecast for 2021 world oil demand growth by 80,000 barrels per day (bpd) to 5.42 million bpd, as reported by Reuters.

On a positive note, the EIA increased its 2022 global oil demand growth forecast by 80,000 bpd to 3.65 million bpd.

Market reaction

Crude oil prices showed no immediate reaction to these figures. As of writing, the barrel of West Texas Intermediate (WTI) was posting small daily gains at $65.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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