The Paris-based IEA raised its demand forecast to 92.1 million barrels per day , up 400,000 bpd from its outlook last month.
"While the oil market has undoubtedly made progress ... the large, and in some countries, accelerating number of Covid-19 cases is a disturbing reminder that the pandemic is not under control," the IEA said. "The expected re-start of Libyan exports will only add to the vulnerability of the Opec+ production restraint in keeping the energy complex heavily reliant upon a renewed expansion in risk appetite for any advances back to around this week's highs," said Jim Ritterbusch, president of Ritterbusch and Associates.
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