UPDATE 9-Oil eases after record rally as OPEC, IEA fret about demand

* Brent eases after tying record 9 sessions of gains
* WTI eight-day rally also ends
* OPEC again cuts 2021 oil demand view, sees H2 pickup
* Global oil supply still outstripping demand -IEA

(Adds closing prices)
By Scott DiSavino
NEW YORK, Feb 11 (Reuters) - Oil prices eased on Thursday,
ending a record streak of gains, after both OPEC and the
International Energy Agency (IEA) said renewed lockdowns and the
emergence of new coronavirus variants reduced the prospect of a
swift demand recovery.
Brent LCOc1 futures fell 33 cents, or 0.5%, to settle at
$61.14 a barrel, while U.S. West Texas Intermediate (WTI) crude
CLc1 fell 44 cents, or 0.8%, to settle at $58.24.
On Wednesday, Brent rose for its ninth straight session,
tying the benchmark's record winning streak last hit in January
2019. It was also hit in April and September of 2007. WTI marked
its eighth consecutive day of gains, its longest such streak
since January 2019.
Both benchmarks closed on Wednesday at their highest levels
since January 2020, and on Thursday remained in overbought
territory with a Relative Strength Index (RSI) over 70 for an
eighth day in a row.
"Crude prices are taking a moment after the February
breakout took prices above levels some analysts thought couldn't
be touched until a couple years down the road," said Edward
Moya, senior market analyst at OANDA in New York.
World oil demand in 2021 will rebound more slowly than
previously thought, the Organization of the Petroleum Exporting
Countries (OPEC) said. The IEA said global oil
supply was still outstripping demand, but COVID-19 vaccines
should help demand recover. "The (IEA) agency's remarks do work as another reminder that
oil is not out of the woods yet and that it is premature to
overvalue it when the only thing that keeps prices at healthy
levels is an artificial supply cut by OPEC and allies," Rystad
Energy's head of oil markets Bjornar Tonhaugen said, noting the
slow pace of the oil demand recovery.
Oil prices have gained in recent weeks as OPEC and allies in
OPEC+ reduced output and Saudi Arabia pledged additional
voluntary cuts. The IEA said a rapid stock draw expected in the second half
of the year could set the stage for OPEC+ to start unwinding the
supply curbs.
Further price pressure came from an increase in oil output
in Argentina and an expected increase in supply from Libya
following the end of a blockade at the port of Hariga.
The continuous struggle caused by the emerging variants of
the virus and doubts about vaccine effectiveness also dampened
sentiment. A British scientist said the coronavirus
variant found in the county of Kent is likely "to sweep the
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Demand/supply balance https://tmsnrt.rs/3d0yzmK
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