Oil holds near one-month highs as demand forecasts raised
Oil prices were lower on Thursday though holding near one-month highs after futures jumped in the previous as the International Energy Agency (IEA) and others upgraded forecasts for oil demand as major economies recover from the pandemic.
Brent crude was down by 21 cents, or 0.3 per cent, at $66.37 a barrel by 6:59 am, after gaining 4.6 per cent on Wednesday and closing at the highest since March 17.
US West Texas Intermediate futures dropped 25 cents, or 0.4 per cent, to $62.9 a barrel, having risen 4.9 per cent in the previous session.
US crude inventories were down by 5.9 million barrels last week, the Energy Information Administration (EIA) said on Wednesday, more than double analysts’ expectations for a 2.9 million-barrel decline. East Coast crude stocks hit a record low.
