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Aug. 13, 2020, 2:41 p.m. EDT

Oil futures settle lower after IEA cuts 2020 demand forecast

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By Myra P. Saefong

Oil futures settled lower on Thursday after the International Energy Agency lowered its forecast for oil demand this year. News of a diplomatic agreement between the United Arab Emirates and Israel also pressured prices as it eased the risk to supplies from the region, analysts said. September West Texas Intermediate oil fell by 43 cents, or 1%, to settle at $42.24 a barrel on the New York Mercantile Exchange.

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Oil futures finish lower as traders assess cut to demand outlook

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