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Oil turns lower after OPEC cuts 2021 global demand outlook

15 December 2020 12:17 (UTC +04:00)

Oil prices turned lower on Monday, erasing the early gains after OPEC lowered its forecasts about global demand, APA Economics reports citing Economies.com.

OPEC slashed its forecast for the growth of the global crude demand by 5.90 million barrels per day in 2021, compared to its previous forecast of a drop in demand growth by about 0.35 million bpd.

OPEC also forecast the total global oil demand to reach 89.99 million bpd in 2020 and 95.89 million bpd in 2021.

OPEC oil output rose 707K barrels per day to 25.109 million bpd in November.

As of 17:48 GMT, WTI crude December futures fell 0.1% to $46.5 a barrel, after hitting a high of $47.4 and a low of $45.6.

Brent January futures fell 0.15% to $49.8 a barrel, after hitting a high of $50.8 and a low of $49.1.