A report by IEA has raised the estimate for growth of energy demand this year by 80,000 bpd to 1.52 million barrels. The northern hemisphere winter has come to an end and the peak driving season in US is still some months away. Oil demand will be relatively modest during Q2, taking the heat off world prices. The weekend saw light sweet crude for delivery in March at US$47.02.
The Organisation of Petroleum Exporting Countries during their last meeting in late January decided to maintain output levels, calming market jitters.