EIA raises forecast for 2021 world oil demand growth by 180,000 bpd

The US Energy Information Administration announced on Tuesday that it raised the forecast for 2021 world oil demand growth by 180,000 barrels per day (bpd) to 5.5 million bpd, as reported by Reuters.

For 2022, the EIA lowered its forecast for world oil demand growth by 180,000 bpd to 3.65 million bpd.

Market reaction

The barrel of West Texas Intermediate (WTI), which touched a daily high of $60.87, edged modestly lower after this report and was last seen gaining 1.67% on a daily basis at $59.76.