Tokyo — Oil prices eased on Thursday, but held on to most of their gains in the previous session when the market was buoyed by a forecast for firmer global oil demand by the International Energy Agency (IEA). London Brent crude for November delivery was down 13c, or 0.2%, at $55.03 a barrel by 2.47am GMT, after rising 1.6% on Wednesday. Nymex crude for October delivery was down 9c, or 0.2%, at $49.21, after a 2.2% gain in the previous session. Wednesday’s gains came despite US government data showing another big build in US crude inventories due to Hurricane Harvey. The International Energy Agency raised its 2017 global oil demand growth estimate to 1.6-million barrels a day from 1.5-million barrels a day. The energy agency said the global oil surplus was beginning to shrink due to stronger than expected European and US demand growth, as well as production declines in Opec and non-Opec countries. The supply side of the equation was also looking promising, Barclays Research said in a...
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