Oil prices steady as IEA, OPEC increase demand forecasts

Gulf Today Report 

Oil prices steadied on Thursday following the International Energy Agency (IEA) and OPEC predictions for oil demand as economies rebound from the pandemic.

Brent crude was up by 4 cents at $66.62 a barrel by 05:51 GMT while US West Texas Intermediate futures edged 3 cents lower to $63.12 a barrel.

In a new report, Goldman Sachs analysts said, "We remain positive on Brent oil forecasting US$80/bbl in 3Q21 on a near-term demand recovery and supply discipline."

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According to IEA’s monthly report, global oil demand and supply are likely to rebound in the second half of 2021.

Producers may have to pump a further 2 million bpd to meet up with the demand.

OPEC expects demand to rise by 70,000 bpd from last month's forecast and global demand is likely to rise by 5.95 million bpd in 2021, it said.