Oil prices slipped on Friday morning for a second day in a row as major forecasters warned that the global demand recovery is still fragile and as the U.S. dollar strengthened. on Friday, WTI Crude was down 0.07 percent at $58.24 and , the International Energy Agency (IEA) warned that the oil market rebalancing looks fragile in the first quarter of 2021, although it continues to be optimistic that global oil stocks will rapidly draw down in the second half of this year as demand rises. This year, world oil demand is expected to grow by 5.4 million barrels per day (bpd) compared to 2020, the agency said in its closely-watched Oil Market Report for February. That's 100,000 bpd lower than the projection in the January report when the IEA expected demand to rise by 5.5 million bpd year over year in 2021. the investors are optimistic about the future!
