LONDON: Crude oil futures bounced off the lowest levels of the session on Thursday, following the release of a mostly bullish report from the International Energy Agency on global oil supply and demand earlier in the day.
On the ICE Futures Exchange in London, Brent oil for July delivery hit an intraday low of $65.40 a barrel before recovering to trade at $65.69 during European morning hours, down 1 cent, or 0.02%. A day earlier, London-traded Brent prices tacked on 82 cents, or 1.26%, to close at $65.70.
In its monthly report released earlier in the session, the IEA said that global oil demand is forecast to increase by 1.4 million barrels a day this year, raising its projection from last month by 300,000 a day.
The IEA also said that oil supplies from the Organization of the Petroleum Exporting Countries rose by 50,000 barrels in May from a month earlier to 31.33 million barrels per day, the highest level since August 2012, due to increasing output from Saudi Arabia and Iraq.
Elsewhere, on the New York Mercantile Exchange, crude oil for July delivery shed 21 cents, or 0.35%, to trade at $61.22, moving off a daily low of $61.06.
