Crude oil erases loss with Opec+ panel raising demand growth outlook

Oil clawed back losses after an OPEC+ panel boosted its global demand growth view, while the worsening Covid-19 crisis in India held back prices from further gains.

Futures in New York were little changed following a rebound from a loss of as much as 2.4 per cent earlier Monday. An OPEC+ technical committee was said to raise its global oil demand growth forecast for 2021 to 6 million barrels a day, according to delegates. Earlier, OPEC Secretary-General Mohammad Barkindo said that the group sees “positive signals” in the global economy, but that there are factors in the oil market that require ongoing vigilance.