Oil prices steady as IEA, OPEC increase demand forecasts

Oil prices steady as IEA, OPEC increase demand forecasts

Oil prices steadied on Thursday following the International Energy Agency (IEA) and OPEC predictions for oil demand as economies rebound from the pandemic. 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." 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. Brent crude was down 33 cents, or 0. 8%, at $42. 82 a barrel by 0645 GMT, while US crude was down 38 cents, or 0. 9%, to $40. 73 a barrel. US West Texas Intermediate (WTI) crude futures were trading up 14 cents, or 0. 4%, at $37. 47 a barrel by around 0629 GMT. Brent crude was 6 cents, or 0. 2%, higher at $39. 89 a barrel. Brent crude rose 85 cents, or 2. 1%, to $41. 38 a barrel by 0645 GMT, while US crude rose 92 cents, or 2. 4%, to $39. 20. Both contracts rose by more than 2% on Tuesday. Brent crude was down 4 cents at $41.