Oil holds near one-month highs as demand forecasts raised By Reuters – Investing.com

Oil holds near one-month highs as demand forecasts raised By Reuters – Investing.com

© Reuters. Views of Total Grandpuits oil refinery

TOKYO (Reuters) - Oil prices were lower on Thursday though holding near one-month highs after futures jumped in the previous as the International Energy Agency (IEA) and others upgraded forecasts for oil demand as major economies recover from the pandemic. was down by 21 cents, or 0.3%, at $66.37 a barrel by 0129 GMT, after gaining 4.6% on Wednesday and closing at the highest since March 17. U.S. West Texas Intermediate futures dropped 25 cents, or 0.4%, to $62.9 a barrel, having risen 4.9% in the previous session. inventories were down by 5.9 million barrels last week, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations for a 2.9 million-barrel decline. East Coast crude stocks hit a record low. [EIA/S] "We see robust stock draws even after factoring in bearish risks as refinery runs are set to rise sharply in the coming months," Citi Research analysts said in a note. Gasoline supplied to the market last week, an indicator of U.S. consumption of the fuel, increased to 8.9 million barrels per day (bpd), the highest since August, the EIA report said. Global oil demand and supply are