Oil rises in tension but fears of demand hold back gains

Oil prices rose on Thursday because of tensions in the Middle East and the sharp weekly decline in US crude inventories, but gains are held back by worries about the outlook for demand, as signs of a slowdown global economic growth.
The gross London Brent rose 28 cents, or 0.4%, to $ 63.46 a barrel after falling 1% overnight, the first decline in four sessions.
The US crude futures price rose 27 cents, or 0.5 percent, to $ 56.15 a barrel, following a 1.6 percent decline in the previous session.
Investors are worried that slowing global economic growth may weaken oil demand.
After a series of downgrades in the oil market, FGI Energy Advisors lowered its global oil demand growth forecast in 2019 to 740,000 barrels per day in 2019. However, tensions are manifesting in the Middle East. East Iranian forces carried a British flag to the Gulf last week. At the same time, crude inventories in the United States fell by about 11 million barrels last week to exceed badysts' expectations, which indicated a drop of four million barrels.