EIA lowers 2021 world oil demand growth forecast to 5.42 million barrels per day

The US Energy Information Administration (EIA) announced on Tuesday that it lowered its forecast for 2021 world oil demand growth by 80,000 barrels per day (bpd) to 5.42 million bpd, as reported by Reuters.

On a positive note, the EIA increased its 2022 global oil demand growth forecast by 80,000 bpd to 3.65 million bpd. 

Market reaction

Crude oil prices showed no immediate reaction to these figures. As of writing, the barrel of West Texas Intermediate (WTI) was posting small daily gains at $65.