WTI crude oil prices have slipped lower early on Thursday after leading oil producers cautioned that oil demand would not recover as long as the coronavirus pandemic rages on all over the world. At the time of writing, WTI crude oil is trading at around $42.67 per barrel.

Latest figures by the IEA reveal that fuel demand was 14% lower YoY over the past four weeks, even as most countries ease lockdown measures. Meanwhile, Saudi energy minister expressed hope during the recent OPEC+ meeting that oil demand could recover by the last quarter of the year.

At their latest meeting, OPEC and its allies have highlighted concerns of a possible second wave of the pandemic posing a severe risk to recovery of oil demand globally. The group also urged its members to ensure adherence to the deeper supply cuts it announced earlier this year in order to balance markets.

WTI crude oil prices are easing after having posted gains during the previous session following the release of the EIA report. According to the report, crude inventories in the US posted a decline for the fourth consecutive week, falling by 1.6 million barrels against economists’ expectations for a 2.7 million barrel decline instead.