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Oil steady after IEA lowers demand forecast, U.S. stocks fall

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Oil prices held 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.

FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant

The International Energy Agency cut its 2020 oil demand forecast on Thursday and said reduced air travel because of the COVID-19 pandemic would lower global oil consumption this year by 8.1 million barrels per day . Last month OPEC+ eased the cuts to around to 7.7 million bpd until December from a previous reduction of 9.7 million bpd, reflecting a gradual improvement in global oil demand.

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