Citing an internal OPEC document, Reuters reported on Tuesday that the organization lowered its oil demand growth forecast to 5.6 million barrels per day (bpd) for 2021 from 5.9 million bpd in January’s report. Additional takeaways “OPEC+ panel sees global oil demand at 97.9 million bpd in December 2021 under the base scenario.” “Under the base case scenario, the oil market deficit is expected to reach a peak of 2 mln bpd in May.” “Under the alternate, lower demand scenario, market is expected to flip into 600,000 bpd surplus in April 2021 and 100,000 bpd surplus in December 2021.” “OPEC+ experts see oil stocks dropping in every month of 2021, falling by a total of 406 mln barrels in 2021 under the base case.” Market reaction Crude oil prices showed no immediate reaction to this report and the barrel of West Texas Intermediate (WTI) was last seen gaining 2.5% on the day at $54.84. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD to continue the appreciation trend – MUFG FX Street 1 year Citing an internal OPEC document, Reuters reported on Tuesday that the organization lowered its oil demand growth forecast to 5.6 million barrels per day (bpd) for 2021 from 5.9 million bpd in January's report. Additional takeaways "OPEC+ panel sees global oil demand at 97.9 million bpd in December 2021 under the base scenario." "Under the base case scenario, the oil market deficit is expected to reach a peak of 2 mln bpd in May." "Under the alternate, lower demand scenario, market is expected to flip into 600,000 bpd surplus in April 2021 and 100,000 bpd surplus in December 2021." "OPEC+ experts see… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
