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The US Energy Information Administration reported on Wednesday that it lowered its forecast for 2020 global oil demand growth by 210,000 barrels per day (bpd). The EIA now sees an annual decline of 8.32 million bpd.

Further details of the report showed that the EIA also cut its forecast for world oil demand growth by 490,000 bpd in 2021.

Market reaction 

This headline doesn’t seem to be having a negative impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was up 4.2% on a daily basis at $38.35.