The International Energy Agency (IEA) has published this Thursday its monthly report and has cut its forecast for global oil demand for 2020. The IEA now hopes that world oil demand will contract by 8.8 million barrels per day this year.
The agency has further added that it does not expect Prospects for a Coronavirus Vaccine Significantly Increase Demand “Well into Next Year”. By 2021, the IEA said global oil demand growth will rise by 5.8 million barrels per day, representing an upward revision of 0.3 million barrels from last month’s report.
The report has put an end to market expectations of a rapid recovery in global fuel demand and triggered new sales in the oil markets.. In fact, WTI crude prices are extending the previous day’s retracement slide from multi-month highs and have fallen to the $ 41.25 region in the last hour.
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Credits: Forex Street
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