US: EIA lowers 2021 global oil demand growth forecast by 370,000 bpd

The US Energy Information Administration (EIA) announced on Wednesday that it lowered its forecast for world oil demand growth by 370,000 barrels per day (bpd) to 4.96 million bpd, as reported by Reuters.

On a positive note, the EIA raised its forecast for world oil demand growth by 10,000 bpd to 3.63 million bpd in 2022. 

Market reaction

This report doesn't seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate was trading at $69.30, rising 1.35% on a daily basis.