OPEC+ JTC leaves 2021 oil demand growth forecast unchanged

The OPEC+ Joint Technical Committee (JTC) has decided to keep the global oil demand growth forecast for 2021 unchanged at 5.95 million barrels per day, Reuters reported on Monday, citing sources familiar with the matter.

Meanwhile, according to the latest Reuters survey, OPEC’s oil output increased by 280,000 barrels per day in May.

Market reaction

Crude oil prices continue to edge higher on Monday and the barrel of West Texas Intermediate (WTI) was last seen trading at $67.30, where it was up 1.05% on a daily basis.