The Organization of the Petroleum Exporting Countries (OPEC) on Monday downgraded its 2021 growth forecast for oil demand, citing “uncertainty surrounding the impact of COVID-19 and the labor market on transport fuels in developed economies in the early days.” Half of next year. OPEC lowered its forecast for global oil demand growth to 5.9 million barrels a day, down 350,000 barrels a day from the previous plan. In its monthly report, OPEC 2020 oil demand rose to 89.99 million barrels per day, down 9.77 million barrels per day from 2019, slightly lower than its previous estimate. Oil futures cut previous gains, but were higher. February Brent crude BRN00,
The global benchmark, ICE Futures, was up 17 cents, or 0.3%, at $ 50.14 a barrel in Europe. January West Texas Intermediate Cr.1,
The New York Perchmark was up 13 cents, or 0.3%, at $ 46.70 a barrel on the New York Mercantile Exchange.