`` The end of oil and gas demand growth is not yet upon us , as modest gains Movement.up.gain are forecast towards the end of the year as the underlying industrial situation improves Grow.strong worldwide , '' particularly in the United States and India , it said .

Meanwhile , the December contract for West Texas Intermediate shed all of its earlier gains Movement.up.gain as it sank Movement.down.loss 12.7 percent to $ 97.40 a barrel .

Meanwhile , the June contract for West Texas Intermediate shed all of its earlier gains Movement.up.gain as it fell Movement.down.loss 3 % to $ 11.20 per barrel .

Nonetheless , the organisation kept its global growth forecast for 2019 unchanged Movement.flat at 1.4 mb/d based on solid Grow.strong non-OECD growth and even revised regional growth estimates upward Movement.up.gain based on gains Movement.up.gain in parts of the Middle East and Asia .

Separately , MasterCard said Wednesday retail gasoline demand in the U.S. fell Movement.down.loss 3.1 % in the week ended July 29 , as price gains Movement.up.gain since the beginning of July weighed on consumption , MasterCard said on Wednesday .

Meanwhile , the December price for West Texas Intermediate shed all of its earlier gains Movement.up.gain as it dipped Movement.down.loss 5 percent to below $ 100 .

Oil prices , which were recovering Grow.strong after the historic plunge Movement.up.gain a day earlier , inmediately gave up half of their gains Movement.up.gain .

Meanwhile , the February futures contract for West Texas Intermediate shed all of its earlier gains Movement.up.gain as it sank Movement.down.loss 3 % to $ 97.40 a barrel .

The latest round of headlines prompted a sudden rebounding Movement.up.gain rally in the oil market on both sides of the Atlantic , with Brent extending gains Movement.up.gain by over $ 1 and U.S. crude turning positive .

A broadly stronger Grow.strong dollar also weighed on oil prices , after the Bank of Japan intervened in currency markets to curb Cause.movement.down.loss the yen 's recent sharp gains Movement.up.gain .

Stockpiles of gasoline and distillates also saw big gains Movement.up.gain , with gasoline stockpiles increasing Movement.up.gain by 3.4 million barrels and distillates rising Movement.up.gain by 2.5 million barrels .

The Brent futures contract - an international benchmark sensitive to geopolitical turmoil - rose Movement.up.gain $ 1.85 to $ 111.80 a barrel by 7:02 a.m. ET , paring earlier gains Movement.up.gain that saw it rise Movement.up.gain more than $ 2 to its highest Position.high since early March .

Meanwhile , the September price for West Texas Intermediate shed all of its earlier gains Movement.up.gain as it plunged Movement.down.loss 9 percent to below $ 83 a barrel .

In 2011 , it was the breakdown Civil.unrest in OPEC member Libya that fueled gains Movement.up.gain , cutting Cause.movement.down.loss supplies by as much as 1.5 million barrels per day -LRB- bpd -RRB- ; later that year and in 2012 , it was U.S. and European sanctions Embargo on Iran that choked off Cause.movement.down.loss some of supply .

U.S. oil gained Movement.up.gain $ 1.50 to $ 105.90 a barrel , also shedding earlier gains Movement.up.gain that saw it hit a year high Position.high above $ 106 .