Oil prices swung between small gains and losses on Thursday, after falling 1% in the previous session as investors continue to worry about a slump in global demand and hope the jumps in US crude inventories would pressure big oil producers to deepen output cuts. On Wednesday, EIA data showed US crude inventories jumped by 19.248 million barrels in the week ended April 10th 2020, the biggest one-week rise in crude inventories since the series began in 1982. A record 9.7 million barrels production cut announced by OPEC and its allies is seen not enough to curb a slump in global oil demand due to the coronavirus. The International Energy Agency predicted an oil demand fall of 29 million barrels per day in April to levels not seen in 25 years. The US crude oil traded around $19.9 a barrel and the Brent crude around $27.6 a barrel.