Oil stands near one-month highs on revised demand forecasts

Oil prices fell on Thursday though holding near one-month peaks after futures climbed in the last session. The IEA and other agencies revised oil demand forecasts for 2021 as economies recover from the pandemic.

Brent crude fell 0.3%, or 21 cents, at $66.37 per barrel, following a 4.6% gain on Wednesday, its highest close since March 17. 

U.S. West Texas Intermediate crude futures lost 0.4%, or 25 cents, at $62.9 per barrel after jumping 4.9% in the last session. 

U.S. crude stockpile fell by 5.9 million barrels last week, more than analysts’ expectations for a 2.9 million barrel decline. East Coast crude stocks fell to a record low. 

Gasoline supplies rose to 8.9 million bpd last week, its highest since August. Global oil demand and supply are set to be rebalanced in the second half of this year. 

OPEC expects demand to climb by 70,000 bpd from last month’s forecast. Global demand is likely to grow by 5.95 million bpd in 2021.