Crude oil prices slipped on Thursday after OPEC said it expected demand for fuels to fall more than expected, although U.S. government data showing a fall in inventories suggested demand is returning despite the coronavirus pandemic.
Brent crude LCOc1 was down 8 cents at $45.35 a barrel by 0726 GMT, after a gain of around 2% in the previous session. West Texas Intermediate CLc1 oil was down by 4 cents at $42.62 a barrel after gaining 2.6% on Wednesday, as reported by Reuters.
The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report 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.
Still, U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed.