June 16 (Bloomberg) -- Crude oil erased earlier gains on the New York Mercantile Exchange, where the July contract was down 19 cents at $94.62 a barrel at 1:15 p.m. London time.

The contract earlier rose as much as 1 percent to $95.75 a barrel after the International Energy Agency increased its oil demand forecast for the next five years.

To contact the editor responsible for this story: John Buckley at johnbuckley@bloomberg.net