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The US  Energy Information Administration announced on Tuesday that it raised the forecast for 2021 world oil demand growth by 180,000 barrels per day (bpd) to 5.5 million bpd, as reported by Reuters.

For 2022,  the EIA  lowered its forecast for world 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, edged  modestly lower after this report and was last seen gaining 1.67% on a daily basis at $59.76.