Oil steadied on Friday as slowing demand forecast by the International Energy Agency (IEA) offset support from geopolitical tensions and optimism that the U.S. Federal Reserve might cut interest rates sooner rather than later this year.
On Thursday, the IEA said global oil demand growth was losing momentum and trimmed its 2024 growth forecast, in contrast to the view held by the Organization of the Petroleum Exporting Countries (OPEC).
