With global oil inventories unwinding at a steady pace Brent has risen above $60/B for the first time since January last year and market bulls are growing more vocal. Nevertheless, the IEA and Opec were both cautious in their latest monthly reports released this week, with each revising down their Q1 oil demand expectations (see tables).

Overall, Opec revised its 2021 global oil demand expectations up by 140,000 b/d against January’s Monthly Oil Market Report to 96.05mn b/d, while the IEA revised its expectations down 200,000 b/d to 96.44mn b/d in its Oil Market Report. (CONTINUED - 889 WORDS)