Oil steady as bullish IEA balances bearish World Bank

Oil prices steadied on Thursday as a bullish report from the International Energy Agency (IEA) agency balanced a gloomy outlook from the World Bank, which cut its global economic growth forecast. IEA, which coordinates energy policy for industrial nations, raised its projection for global oil demand growth in 2015 by 280,000 barrels per day (bpd) to 1.40 million bpd, bringing demand this year to almost 94 million bpd. The agency said "unexpectedly strong global oil demand growth" had been supporting oil prices and raised its estimate for world demand for crude from OPEC this year.

Oil steady as bullish IEA balances bearish World Bank source: http://finance.yahoo.com/news/oil-steady-bullish-iea-balances-090850034.html