In its monthly Short-Term Energy Outlook (STEO) report, the US Energy Information Administration (EIA) raised its forecast for 2022 world oil demand growth by 200K barrels per day (BPD) on Tuesday, and now demand growing 3.55M BPD YoY next year. The EIA STEO cut its forecast for 2021 world oil demand growth by 10K BPD to a 5.1M BPD YoY increase. 

Market Reaction

Crude oil prices have not reacted to the latest EIA STEO, but have been trading on the front foot throughout the day amid the broad risk-on market vibe.