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The International Energy Agency’s (IEA) Head of Energy Outlooks, Tim Gould, said on Wednesday that oil producers are grappling with the “huge uncertainty on economic recovery.”

“2020s will be the last decade to see an increasing oil demand,” Gould further argued.

Market reaction

Crude oil prices edged slightly lower in the last hour. The barrel of West Texas Intermediate (WTI), which touched its highest level in more than 10 months at $53.90 earlier in the day, was last seen trading at $53.30, where it was virtually unchanged on a daily basis.