Brent oil rose past $55 a barrel — with some assistance from a weaker dollar — even as the International Energy Agency cut its demand outlook for the rest of the year.
Consumption in the first quarter of 2021 will be 600,000 barrels a day lower than previously thought, the agency said as the coronavirus outbreak continues to impede people’s movements. In China, there are government calls for citizens not to travel over the Lunar New Year holidays, stoking concern that Asian demand will take a near-term hit, while vast swathes of Japan are in a state of emergency and several European nations are still locked down.
