Oil Down 1% on Negative Demand Forecasts

Oil prices settled lower on Thursday after a mixed performance, on the back of expectations of a slump in the global demand for crude oil this year.

This comes one day after crude prices surged due to a more than expected decline in U.S. oil stockpiles.

Brent crude futures for October delivery closed down by 47 cents or 1% at $44.96 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for September delivery settled lower by 1% at $42.24 per.