Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions, but resilience in equities markets and a weak dollar limited losses.
The Organization of the Petroleum Exporting Countries also said that world oil demand will fall by 9.06 million bpd this year, more than the 8.95 million bpd decline expected a month ago. The dollar fell to its lowest in a week against a basket of currencies on Thursday. A weaker dollar makes oil cheaper for holders of foreign currencies.
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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