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Profit Taking Seen After Rally

OIL

Crude futures are heading into Europe on a negative note on Friday; WTI is down around $0.41 at $57.84 while brent is down $0.38 at $60.76. If the benchmarks end on in the red, it will be the second consecutive day of losses after eight sessions of gains.

  • Uncertainty over future demand is putting downward pressure on oil, the IEA reduced its 2021 global demand forecast by 200k bpd. This is the fourth straight month the IEA has lowered its demand outlook, citing the challenges the world is having in reining in COVID-19. It also increased estimates for non-OPEC supply by 400k bpd.
  • OPEC's outlook, released shortly after the IEA's, painted a different picture. The group raised its estimate of 2021 global oil demand from last month, saying growth in the second half of 2021 will be supported by massive stimulus programs.
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