Oil steadies as IEA hikes 2022 demand growth forecast | Reuters

Oil steadies as IEA hikes 2022 demand growth forecast | Reuters

Oil prices steadied on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.

Brent crude futures slipped 7 cents, or 0.1%, to $97.33 a barrel by 0829 GMT, while U.S. West Texas Intermediate crude futures eased 9 cents, or 0.1%, to $91.84.

"Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries," the Paris-based agency said in its monthly oil report, in which it raised its outlook for 2022 demand by 380,000 barrels per day (bpd). read more

A rise in U.S. oil inventories last week and the resumption of crude flows on a pipeline supplying Central Europe capped further price gains, however.

U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels. read more