LONDON: An upward revision in historical oil demand by the International Energy Agency in its monthly report points to a tighter global market than the West's energy watchdog had previously estimated.
"Our balances are now more in line with observed market fundamentals, which underpin the view of traders. We believe the tighter balance for 2021 and 2022 is already reflected in the price of oil and the forward curve," the IEA told Reuters.
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