OPEC likely to revise 2022 oil demand growth forecast lower – Reuters

The Organization of the Petroleum Exporting Countries (OPEC) is likely to lower its forecast for global oil demand growth in 2022 when it publishes its monthly report on Monday, two OPEC sources told Reuters on Friday.

According to the sources, the spread of the Delta variant is causing uncertainties regarding the recovery in fuel demand.

Market reaction

The barrel of West Texas Intermediate (WTI) extended its daily rally despite this headline and was last seen trading at $69.75, where it was up 2.7% on a daily basis.