Prices decline after IEA warned demand growth is slowing sharply due to the spread of coronavirus variants
London — The Brent benchmark oil price fell for a second day on Friday, albeit holding above $70 a barrel, after the International Energy Agency warned demand growth for crude is slowing sharply owing to the spread of coronavirus variants.
Growth in demand for crude ground to a halt in July and is set to rise at a slower pace over the rest of 2021 because of surging infections from the Delta variant of the coronavirus, the IEA said on Thursday. Banks have also lowered their near-term demand forecasts. “We now see the global demand recovery stalling this month with oil demand only reaching 98.3-million barrels a day in August and averaging 97.9-million barrels a day in September, on par with the nearly 98-million barrels a day average in July,” JPM Commodities Research said.
Looking beyond the near-term risks from the Delta variant, the bank expects the demand recovery to continue alongside rising vaccination rates.
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