Oil fell on Friday, but was on track to post a weekly rise, broadly shrugging off a warning from the International Energy Agency that the spread of coronavirus variants is slowing oil demand.
Global oil benchmark Brent crude was down 26 cents, or 0.4%, at $71.05 a barrel by 11:20 a.m. EDT . U.S. West Intermediate crude lost 20 cents, or 0.3%, to trade at $68.89.
"While the IEA's report was pretty dour on demand, in the near term, it's pretty clear that there's a supply deficit and that's likely to continue as we're seeing airline travel restrictions get lifted in the U.S.," said John Kilduff, partner at Again Capital LLC in New York. Goldman cut its estimate for the global oil deficit to 1 million barrels per day from 2.3 million bpd in the short term, citing an expected decline in demand in August and September.JPM, meanwhile, said it now sees the "global demand recovery stalling this month" with demand remaining roughly in line with the 98 million bpd average for global consumption in July.
OPEC also raised its expectations for supplies next year from other producers, including U.S. shale drillers, which could hamper efforts by the producer group and allies to achieve a balanced market.
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