EIA lowers global oil demand expectations, citing spread of delta variant

The Energy Information Administration on Wednesday said it lowered its 2021 global oil demand expectations to account for "reactions to the proliferation of the delta variant." The government agency expects global demand to grow by 5 million barrels per day this year, down from expected growth of 5.3 million barrels per day in last month's forecast, according to the monthly Short-Term Energy Outlook report. It forecasts 2021 U.S. crude-oil output at 11.08 million barrels per day, down 0.3% from the previous forecast. The EIA also said West Texas Intermediate crude prices are likely to average $65.69 a barrel this year, down a 0.4% from the August forecast. On Wednesday, October WTI crude oil rose 98 cents, or 1.4%, to trade at $69.33 a barrel. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

EIA lowers global oil demand expectations, citing spread of delta variant
The Energy Information Administration on Wednesday said it lowered its 2021 global oil demand expectations to account for "reactions to the proliferation of the delta variant." The government agency expects global demand to grow by 5 million barrels per day this year, down from expected growth of 5.3 million barrels per day in last month's forecast, according to the monthly Short-Term Energy Outlook report. It forecasts 2021 U.S. crude-oil output at 11.08 million barrels per day, down 0.3% from the previous forecast. The EIA also said West Texas Intermediate crude prices are likely to average $65.69 a barrel this year, down a 0.4% from the August forecast. On Wednesday, October WTI crude oil rose 98 cents, or 1.4%, to trade at $69.33 a barrel. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.