* IEA trims 2020 demand forecast by 200,000 bpd
* OPEC expects 2020 demand to fall by 9.46 mln bpd (vs 9.06
mln a
month ago)
(Updates prices)
By Ahmad Ghaddar
LONDON, Sept 15 (Reuters) - Oil prices rose on Tuesday,
supported by hurricane supply disruptions in the United States,
but forecasts of a slower than expected recovery in global
demand from the pandemic weighed.
Brent crude was up 41 cents, or 1%, at $40.02 a
barrel by 1341 GMT, while U.S. West Texas Intermediate (WTI)
crude futures were up 47 cents, or 1.3%, at $37.73 a
barrel. Both contracts fell on Monday.
The International Energy Agency (IEA) on Tuesday trimmed its
2020 outlook by 200,000 barrels per day (bpd) to 91.7 million
bpd, citing caution about the pace of economic recovery.
"We expect the recovery in oil demand to decelerate markedly
in the second half of 2020, with most of the easy gains already
achieved," the IEA said in its monthly report.
The agency said commercial oil stocks in the developed world
hit an all-time high of 3.225 billion barrels in July, and cut
its forecast for implied stock draws for the second half of the
year.
The IEA's demand revision chimes with forecasts from major
oil industry producers and traders, with OPEC downgrading its
oil demand forecast and BP saying demand might have
peaked in 2019.
World oil demand will tumble by 9.46 million bpd this year,
the Organization of the Petroleum Exporting Countries said in a
monthly report on Monday, more than the 9.06 million bpd decline
OPEC expected a month ago.
Still, a meeting of the OPEC+ joint ministerial committee
on Thursday is not expected to make recommendations for deeper
output cuts, but focus rather on compliance and compensation
mechanisms for its current cuts, sources told Reuters.
Concerns over supply disruptions in the United States from
Hurricane Sally provided some price support.
Energy companies, ports and refiners raced on Monday to shut
down as Hurricane Sally grew stronger on its approach to the
central U.S. Gulf Coast, the second significant hurricane to
shutter oil and gas activity in the past month.
Meanwhile, China's crude oil throughput in August rose from
a year ago, reaching its second-highest level on record, as
refineries worked to digest record imports earlier this year.
(Additional reporting by Yuka Obayashi in Tokyo; editing by
Jason Neely, Louise Heavens and Susan Fenton)
BP (BP.)
