US EIA cuts world oil demand growth forecast 2019 by 50K Bpd:
- Now Sees 1.40M Bpd yoy increase.
- 2020 Forecast cut by 10K Bpd.
- Sees 1.45M Bpd yoy increase.
- Brent crude oil spot prices averaged $66 per barrel (b) in March, up $2/b from February 2019.
- EIA forecasts Brent spot prices will average $65/b in 2019 and $62/b in 2020, compared with an average of $71/b in 2018.
- EIA expects that West Texas Intermediate (WTI) crude oil prices will average $8/b lower than Brent prices in the first half of 2019 before the discount gradually falls to $4/b in late-2019 and through 2020.
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