Oil rises after IEA report says there are signs of a recovery even as demand falls further

Oil rises after IEA report says there are signs of a recovery even as demand falls further

West Texas Intermediate crude gained 3.3% to $26.09 a barrel at 8:00 a.m. in New York.. The IEA expects global demand to slump in May.. Oil prices rose Thursday after a report from the International Energy Agency said there are signs of a recovery in the market even as demand drops this month.. International benchmark Brent crude rose nearly 3% to $30.03 a barrel at the same time.. It could be 4 million barrels per day in June, according to the report, and continue to fall even further.. The IEA increased its forecast for global demand by 3.2 million barrels per day in the second quarter to 79.3 million.. Major uncertainties remain," the IEA wrote in the report..