empty
 
 

2020.08.1310:29:00UTC+00Oil Turns Lower As IEA Lowers 2020 Oil Demand Forecast

Oil prices turned lower on Thursday after the International Energy Agency (IEA) cut its forecast for global oil demand for the whole of 2020 to 91.9 million barrels per day, saying the Covid-19 pandemic has cast a long shadow over oil demand.

Benchmark Brent crude eased 0.3 percent to $45.30 a barrel, after having gained around 2 percent in the previous session on U.S. government data showing a fall in inventories.

West Texas Intermediate crude futures were also down 0.3 percent at $42.55 a barrel after gaining 2.6 percent in the previous session.

The IEA said in its latest monthly report that it expects demand to fall by 8.1 million barrels per day year-on-year in 2020.

The aviation and transport sectors, in particular, are struggling with the fallout from the lockdowns aimed at reining in the disease, the IEA said and added that it expect demand to recover somewhat next year to 97.1 million bpd.

OPEC forecast in a monthly report on Wednesday that world oil demand will likely tumble by 9.06 million barrels per day (bpd) this year, more than the 8.95 million bpd decline expected a month ago.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback