empty
 
 

2020.11.1209:39:00UTC+00Oil Holds Steady After IEA Report

Oil prices rose on Thursday, with encouraging news about coronavirus vaccines and industry data showing a fall in U.S. crude inventories helping underpin sentiment.

Benchmark Brent crude edged up 0.2 percent to $43.88 a barrel while U.S. West Texas Intermediate (WTI) crude futures were up 0.15 percent at $41.52.

Oil prices came off from their day's highs after the International Energy Agency (IEA) said that global oil demand was unlikely to get a significant boost from the roll-out of the vaccine until well into 2021.

"It is far too early to know how and when vaccines will allow normal life to resume. For now, our forecasts do not anticipate a significant impact in the first half of 2021," the IEA said today in its closely-watched monthly report.

The Paris-based energy agency now expects world oil demand to contract by 8.8 million barrels per day this year - a downward revision of 0.4 million barrels from last month's assessment amid a resurgence of Covid-19 infections in the U.S. and Europe.

On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) also revised its demand forecast.

OPEC said in its Monthly Oil Market Report that oil demand this year will likely fall by 300,000 barrels per day compared to last month's estimate because of rising coronavirus cases.

  • 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 $1000 more!
    In April we raffle $1000 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