Reuters reports that the International Energy Agency (IEA) said, global oil demand is unlikely to get a significant boost from the roll-out of vaccines against COVID-19 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 in its monthly report.

"The poor outlook for demand and rising production in some countries ... suggest that the current fundamentals are too weak to offer firm support to prices."

While noting that OECD countries had modestly drawn down their crude oil stocks for two months in a row by September, the IEA said that storage levels were still not far from peaks in May at the height of the pandemic.

"Unless the fundamentals change, the task of re-balancing the market will make slow progress," the IEA said.