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 In its latest monthly report, the US Energy Information Administration (EIA) said that it lowered its forecast for global oil demand growth by 60,000 barrels per day (bpd) to 5.32 million bpd in 2021, as reported by Reuters.

Additional takeaways

“EIA  raises forecast for 2022 world oil demand growth by 330,000 bpd, now sees 3.83 million bpd year-on-year  increase.”

“EIA leaves 2021 world oil demand growth unchanged at 5.38 million  bpd year-on-year increase.”

“EIA leaves 2022 world oil demand growth unchanged at 3.50 million bpd year-on-year increase.”

Market reaction

Crude oil prices continue to edge lower after this report and the barrel of West Texas Intermediate (WTI) was last seen losing 0.8% on a daily basis at $64.15.