Oil prices hovered around $47 a barrel on Friday, bolstered by revisions to the International Energy Agency’s supply and demand forecasts and sliding U.S. temperatures.

Oil slipped 12 cents to $46.98 a barrel by early-morning, holding most of the gains made the previous day in a rally triggered by revisions to the IEA’s forecasts, which pointed to a tighter market in 2005 than previously thought.

The revisions helped soothe worries about oversupply and stock builds during the seasonally weak second quarter.

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