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Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions, but resilience in equities markets and a weak dollar limited losses.

Brent crude was down 43 cents, or 0.95%, at $45.00 a barrel, and West Texas Intermediate settled 43 cents, or 1.01%, lower at $42.24 per barrel.

The International Energy Agency cut its 2020 oil demand forecast on Thursday and said reduced air travel because of the COVID-19 pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd).

The Organization of the Petroleum Exporting Countries (OPEC) also said that world oil demand will fall by 9.06 million bpd this year, more than the 8.95 million bpd decline expected a month ago.