IEA Cuts Oil-Demand Outlook as Vaccines Won’t Rescue Market - Bloomberg
The International Energy Agency cut forecasts for global oil demand amid new lockdown measures and cautioned that the vaccine breakthrough won’t quickly revive markets.
While crude prices rallied to a 10-week high above $45 in London this week on news of Pfizer Inc.’s progress, fuel use won’t experience any “significant” boost from vaccines until the second half of next year, the agency said.
The Paris-based IEA, which advises most major economies, reduced oil-demand projections for this quarter sharply, by 1.2 million barrels a day.
Brent crude steadied on Thursday after three days of gains, and was unchanged at $43.80 at 10:39 a.m. London time.
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