Oil prices rose on Thursday, with encouraging news about coronavirus vaccines and industry data showing a fall in U.S. crude inventories helping underpin sentiment.

Benchmark Brent crude edged up 0.2 percent to $43.88 a barrel while U.S. West Texas Intermediate (WTI) crude futures were up 0.15 percent at $41.52.

Oil prices came off from their day’s highs after the International Energy Agency (IEA) said that global oil demand was unlikely to get a significant boost from the roll-out of the vaccine until well into 2021.

“It is far too early to know how and when vaccines will allow normal life to resume. For now, our forecasts do not anticipate a significant impact in the first half of 2021,” the IEA said today in its closely-watched monthly report.

The Paris-based energy agency now expects world oil demand to contract by 8.8 million barrels per day this year – a downward revision of 0.4 million barrels from last month’s assessment amid a resurgence of Covid-19 infections in the U.S. and Europe.

On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) also revised its demand forecast.

OPEC said in its Monthly Oil Market Report that oil demand this year will likely fall by 300,000 barrels per day compared to last month’s estimate because of rising coronavirus cases.

The material has been provided by InstaForex Company – www.instaforex.com

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