YGRN - New lockdowns prompt IEA to cut oil demand forecast

In its monthly oil market report, the IEA cut its outlook for demand in 2021 by 280K barrels a day to 5.5M bpd, following an unprecedented collapse of 8.8M bpd last year as the coronavirus pandemic battered crude markets.Quote: "Border closures, social distancing measures and shutdowns, among other policies, will continue to constrain fuel demand until vaccines are more widely distributed, most likely only by the second half of the year. Frigid temperatures recorded in Asia and Europe over January will only partially offset the impact of the stricter policies."The IEA's comments echo those made by the OPEC in its recent report. Oil prices have still rallied in recent weeks, supported by vaccine optimism and a surprise oil production cut from OPEC kingpin Saudi Arabia, which said it would unilaterally cut 1M barrels a day of its oil output beginning in February.Crude futures +0.5% to $52.62/bbl.ETFs: [[USO]], [[UCO]], [[BNO]], [[SCO]],

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New lockdowns prompt IEA to cut oil demand forecast