OPEC cuts forecast for 2021 growth in oil demand

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The Organization of the Petroleum Exporting Countries, or OPEC, on Monday cut its forecast for 2021 growth in oil demand, citing “uncertainty
surrounding the impact of COVID-19 and the labor market” on the outlook for transportation fuel in developed economies during the first half of next year. OPEC cut its forecast for world oil-demand growth to 5.9 million barrels a day, down 350,000 barrels a day from its previous projection. In its monthly report, OPEC pegged 2020 oil demand at 89.99 million barrels a day, a decline of 9.77 million barrels a day from 2019 and slightly below its previous estimate. Oil futures trimmed earlier gains but remained higher. February Brent crude
BRN00,
-0.14%
,
the global benchmark, was up 17 cents, or 0.3%, at $50.14 a barrel on ICE Futures Europe. January West Texas Intermediate crude
CL.1,
-0.15%
,
the U.S. benchmark was 13 cents higher, up 0.3%, at $46.70 a barrel on the New York Mercantile Exchange.



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