Global oil demand fell below pre-pandemic levels in April – Reuters

Eren Sengezer FXStreet

Global oil demand fell month-on-month in April to below pre-pandemic levels (97% of 2019 levels) as consumption softened across several Asian countries, Reuters reported on Monday, citing data from the Joint Organizations Data Initiative (JODI).

Saudi Arabia's April crude exports rose to 7.38 million barrels per day (bpd) from 7.235 million bpd in March, Reuters further added and noted that the country's crude oil production in April increased to 10.44 million bpd.

Market reaction

Crude oil prices showed no immediate reaction to this headline and the barrel of West Texas Intermediate (WTI) was last seen trading flat on the day near $110.00.

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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