Oil slips after IEA lowers 2020 demand forecast - Reuters

Oil slips after IEA lowers 2020 demand forecast - Reuters:

Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast due to unprecedented travel restrictions to fight the coronavirus, but resilience in equities markets and a weak dollar limited losses.

Brent crude LCOc1 ended the session down 47 cents, or 1%, at $44.96 a barrel while West Texas Intermediate (WTI) CLc1 settled down 43 cents, or 1%, at $42.24 a barrel.

The International Energy Agency cut its 2020 oil demand forecast and said reduced air travel due to the pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd).

The Organization of the Petroleum Exporting Countries (OPEC) said that world oil demand will fall by 9.06 million bpd this year, more deeply than the 8.95 million bpd decline expected a month ago.