The US Energy Information Administration. announced Tuesday that it raised the forecast for global oil demand growth in 2021 by 180,000 barrels per day (bpd) to 5.5 million bpd, according to Reuters reported.
By 2022, the EIA lowered its forecast for global oil demand growth by 180,000 bpd to 3.65 million bpd.
Market reaction
The barrel of West Texas Intermediate (WTI), which touched a daily high of $ 60.87, dropped modestly after this report and was last seen gaining 1.67% on the day at $ 59.76.
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