YGRN - Crude futures turn negative as IEA cuts demand outlook

A day after OPEC cut its global oil demand forecasts, the IEA is jumping on the train, as the "task of re-balancing the market will make slow progress... unless the fundamentals change.""With a COVID-19 vaccine unlikely to ride to the rescue of the global oil market for some time, the combination of weaker demand and rising oil supply provides a difficult backdrop to the meeting of OPEC+ countries."The IEA now expects world oil demand to contract by 8.8M barrels per day this year, reflecting a downward revision of 0.4M barrels from last month's assessment, but lifted its expectations for 2021.Global oil demand growth will rise by 5.8M bpd next year, according to the agency, representing an upward revision of 0.3M barrels from last month. "However, it is far too early to know how and when vaccines will allow normal life to resume. For now, our forecasts do not anticipate a

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Crude futures turn negative as IEA cuts demand outlook