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The International Energy Agency (IEA) raised its forecast for oil demand in 2020, but warned about the risks amid the COVID-19 pandemic, Reuters reported.

The IEA raised its forecast to 92.1 million barrels per day (bpd) - up 400,000 bpd from its forecast last month, referring to a smaller-than-expected second-quarter decline.

"While the oil market has undoubtedly made progress ... the large, and in some countries, accelerating number of COVID-19 cases is a disturbing reminder that the pandemic is not under control and the risk to our market outlook is almost certainly to the downside," the IEA said in its report.

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