DBO - IEA lowers 2021 oil demand forecast but sees end to crude glut

Following OPEC in cutting its forecast for oil demand growth in 2021, the IEA also expects a slower rebound than initially anticipated as the aviation sector takes longer to recover from the pandemic amid border closures and travel restrictions."It is possible that, after the upcoming holiday season, a third wave of the virus will affect Europe and other parts of the world before vaccines have time to take effect. It will be several months before we reach a critical mass of vaccinated, economically active people and thus see an impact on oil demand."While the "market remains fragile," global consumption is expected to be 96.9M barrels per day next year, about 200K bpd below earlier forecasts.However, the IEA still expects that crude glut left behind by the pandemic will clear by the end of next year as the global economy recovers and OPEC+ keeps a tight rein on supplies.Crude futures +0.3%

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IEA lowers 2021 oil demand forecast, but sees end to crude glut