Oil prices eased on Thursday, but as economies recovered from the COVID-19 outbreak, they approached a one-month high amid favorable demand forecasts from the International Energy Agency (IEA) and OPEC.

Brent crude was down 24 cents, or 0.4%, at $66.34 a barrel by 1220 GMT after touching its highest since March 18 at $66.94.

U.S. West Texas Intermediate futures fell 36 cents, or 0.6%, to $62.79. It had earlier reached $63.48, also the highest since March 18.

Both contracts rose by about 5% on Wednesday.

The ongoing positive macroeconomic outlook the high risk appetite among investors and weak US dollar support oil prices.

The IEA and the Organization of Petroleum Exporting Countries (OPEC) revised its 2021 global oil demand growth forecast to 5.7 million barrels a day and 5.95 million bpd this week.

Prices were also supported by the large drop in US oil stocks.

U.S. crude oil stocks fell 5.9 million barrels last week, according to Energy Information Administration (EIA) data.

Strong inventory pulls indicate that refinery movements will increase sharply in the coming months.

Gasoline supply, a gauge of US fuel consumption, rose to 8.9 million barrels last week, the highest level since August.

Discipline in oil supply and the recovery of economies seems to give oil a chance to to break out of the recent range.