Oil steady after IEA lowers demand forecast, US stocks fall

Oil prices held largely steady on Thursday after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions and data showing a decline in U.S. inventories provided some support.

Brent crude was down 10 cents, or 0.2%, to $45.33 a barrel by 1348 GMT, and West Texas Intermediate (WTI) was up 1 cent, or less than 0.1%, at $42.68 a barrel.

“The oil market enjoys some calm summer weeks, seemingly taking a break from the turbulent times earlier this year,” said Norbert Rücker, analyst Swiss bank Julius Baer.