Oil edges higher but bleaker demand outlook weighs

SourceZawya
SectorEconomy
CountryGulf

LONDON- Oil prices edged slightly higher on Tuesday, but forecasts of a slower than expected recovery in global fuel demand due to the coronavirus pandemic weighed.Brent crude was up 33 cents, or 0.8%, at $39.94 a barrel by 0910 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.8%, at $37.57 a barrel. Both contracts fell on Monday.The International Energy Agency (IEA) on Tuesday trimmed its 2020 outlook by 200,000 barrels per day (bpd) to 91.7 million bpd, citing caution about the pace of economic recovery."We expect the recovery in oil demand to decelerate markedly in the second half of 2020, with most of the easy gains already achieved," the IEA said in its monthly report.Its revision chimes with forecasts from major oil industry producers ...read more...