Fiscal Stimulus, Vaccine Rollouts Brighten OPEC’s Oil Demand Forecasts



David Hodari | WSJ

In its report, OPEC pointed to the uncertainty facing the oil market in the coming months, decreasing its global demand estimate for the first half of the year due to ongoing coronavirus restrictions but increasing its demand forecast for the second half of the year as “economic activity is expected to accelerate as the impact of the pandemic is expected to taper off.”

Oil prices rose Thursday, with Brent crude oil—the global benchmark—up 1.6% at $68.95 a barrel and West Texas Intermediate futures, the U.S. benchmark, climbing 1.5% to $65.42 a barrel.

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