IEA sees world oil market 'adequately supplied'

Crude Oil

Global benchmark Brent crude rose 65 cents to $80.91 a barrel by 1328 GMT, having dropped by 3.4 percent on Thursday.

Brent for December settlement added 94 cents to $81.20 a barrel on the London-based ICE Futures Europe exchange.

"This is due to a weaker economic outlook, trade concerns, higher oil prices", it said.

The International Energy Agency said in its monthly report that the world's spare oil production capacity was down to 2 percent of global demand, with further falls likely. In this Report, our revised demand outlook reflects these concerns: growth in both 2018 and 2019 will be 110 kb/d lower than our earlier forecast.

Stock markets worldwide bounced back on Friday after a multi-day sell-off but remained on track for their biggest weekly losses in months, while US Treasury yields inched higher and the US dollar held its gains.

Oil stockpiles in the world's biggest economy are swelling amid International Energy Agency warnings about growing threats to global energy demand.

The drop has come as rising production from Canada's oil-sands overwhelms the nation's pipeline capacity, and as refinery capacity in the US dwindles amid planned maintenance.

The monthly report from the Organization of the Petroleum Exporting Countries showed the 15-nation producer group's output rose by 132,000 bpd in September to almost 32.8 million bpd.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other exporters such as Russian Federation agreed in June to raise output as the market appeared increasingly tight.

In U.S. oil markets, a decline in commercial crude inventories provided WTI with stronger support than Brent. Meanwhile, Brent oil price for December delivery gained 0.17 US dollars to 80.43 USA dollars per barrel.

Crude was still heading for its first weekly drop in five weeks, pressured by a big rise in United States inventories and fading concerns for now that looming U.S. sanctions on Iran will cut supplies significantly.

OPEC, Russia and others such as US shale companies had increased production sharply since May, the IEA said, raising global output by 1.4 million barrels per day (bpd).

Oil prices slumped to two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by a report showing USA crude inventories rising more than expected.

"The clear risk-off mode that we are seeing across all markets is also hitting oil", said Michael McCarthy, chief market strategist at CMC Markets in Sydney. In the US Gulf of Mexico, companies cut output by 40 per cent on Thursday because of Hurricane Michael, even as some operators began returning crews to offshore platforms.

Related News:

  • Ariana Grande Pete Davidson Break Up, Call Off Engagement, Split

    Ariana Grande Pete Davidson Break Up, Call Off Engagement, Split

    TMZ first reported that the 25-year-old pop star and the 24-year-old Saturday Night Live star called it quits over the weekend. From getting tattoos dedicated to each other, to adopting a pet pig - Davidson and Grande seemed like they were all in.
    Sears To File For Federal Bankruptcy Today

    Sears To File For Federal Bankruptcy Today

    Formed in 1886 by railroad station agent Richard Sears, the company started as a watch business in North Redwood, Minnesota. He's explored using his hedge fund to buy the store's Kenmore and Sears home improvement businesses.
    Messages might brick your PlayStation 4

    Messages might brick your PlayStation 4

    The bug, in some instances, has been used during matches to cause the opposing team to crash and be unable to complete a match. Before we go any further: To set you PlayStation account to private, fire up your console and head to the Settings menu.
  • Astronauts safe after failed rocket launch, emergency bail-out

    Astronauts safe after failed rocket launch, emergency bail-out

    Officials are also investigating the odd hole recently found in a Soyuz spacecraft aboard the International Space Station . He didn't say if he suspected any of the current crew of three Americans, two Russians and a German aboard the station.
    Washington Cardinal Wuerl apologizes to faithful

    Washington Cardinal Wuerl apologizes to faithful

    Wuerl had submitted his resignation to Francis almost three years ago, when he turned 75, the normal retirement age for bishops. Those factors led to calls for Cardinal Wuerl's resignation and demonstrations outside of his Washington residence.
    How Jurgen Klopp addressed his Liverpool players for the first time

    How Jurgen Klopp addressed his Liverpool players for the first time

    After starting the season with seven straight victories, Liverpool have now failed to win any of their past four matches. However, Guardiola admitted his plan for a slower tempo to stop Liverpool springing onto the counter-attack had worked.
  • Trump Suggests Defense Chief Could Leave

    Trump Suggests Defense Chief Could Leave

    Mattis, a retired Marine Corps general, hasn't indicated that he wants to leave his post yet. In an interview with CBS's " 60 Minutes " that was broadcast on Sunday, .
    Saudis to allow Turkish investigators to search consulate

    Saudis to allow Turkish investigators to search consulate

    Saudi Arabia is a key partner for Switzerland in the Arab world and the Middle East region. At least some of them appear to have high-level connections in the Saudi government.
    Yet another royal wedding: 5 memorable moments from Princess Eugenie’s big day

    Yet another royal wedding: 5 memorable moments from Princess Eugenie’s big day

    The stunning royal looked radiant in her elegant gown by Peter Pilotto as she emerged from St George's Chapel after the ceremony. The one notable absence will be the Duchess of Cornwall, who is attending a longstanding engagement at a Scottish school.
  • Hurricane Michael brings 'unimaginable destruction' to Florida

    Hurricane Michael brings 'unimaginable destruction' to Florida

    As of 11:00, Michael was centred about 60km south of Charlotte, North Carolina, with winds of 85km/h. In North Carolina's mountains, motorists had to be rescued Thursday from cars trapped by high water.
    Mnuchin: Trump respects Fed but likes low interest rates

    Mnuchin: Trump respects Fed but likes low interest rates

    Even worker wages are finally showing signs of life after idling for most of the recovery that followed the housing crash. Third-quarter S&P 500 earnings are projected to soar by 20%. "I think the fundamentals are still very strong".
    Pacific Northwest gas prices could spike after pipeline explosion

    Pacific Northwest gas prices could spike after pipeline explosion

    There are no reports of injuries, he said. "So far, we're OK-the weather being so nice", Dennis Hougham, another resident, said. In an earlier news release, Enbridge said it is working with other companies to find alternate supplies of gas to meet demand.


Most liked

Djokovic dominates Zverev to reach Shanghai Masters final
The 21-year-old got his second straight win over Federer, having beaten the Swiss to lift the Halle title in June. Djokovic is targeting his 72nd career title here on Sunday.

John Kavanagh Offers Opinion On 'Realistic' Date For Conor McGregor's Next Fight
50 Cent has offered Ultimate Fighting Champion Khabib Nurmagomedov $2 million to join a rival company. McGregor and Nurmagomedov are now under investigation by the Nevada State Athletic Commission.

James Murdoch tipped for Tesla chair role
But Musk quickly dashed such hopes, late last week taking aim at the SEC, dubbing it the "Shortseller Enrichment Commission". Post his spat with the Securities and Exchange Commission , Elon Musk ended up paying tens of millions of dollars in fine.

Avalanche kills 9 climbers on Mount Gurja in Nepal
Relatives and friends broke down in tears as the bodies were carried out from the choppers after they landed outside a hospital in Kathmandu .

Manchester United set to move for Arsenal's Aaron Ramsey
Arsenal fans were far from impressed after sitting down to watch contract rebel Aaron Ramsey in action during the worldwide break. Asked if he would give Ramsey a new deal in the circumstances, Wenger replied: 'We tried that before and it still can happen'.

Maradona claims Messi ‘goes to the bathroom 20 times before a game’
Paulo DYBALA is hoping to make a name for himself with the Argentina national team at the 2022 FIFA World Cup in Qatar. Manchester City have rubbished claims they made a failed bid to sign Barcelona legend Lionel Messi .

Pope accepts Cardinal Wuerl's resignation
This development leaves Cardinal Wuerl the biggest name within the Catholic Church to resign over a growing sexual abuse scandal. Wuerl was appointed to his role in Washington by Pope Benedict XVI in 2006, according to the National Catholic Reporter .

Philippines says United Nations rights council seat vindicates Duterte's drug war
Haley criticized the United Nations on Friday, saying 'the lack of standards continues to undermine the organization'. It meets three times a year and its aim is to promote and protect human rights around the world.

Saudi threatens to retaliate against any sanctions over Khashoggi disappearance
Saudi Arabia firmly denies any involvement in his disappearance and says Khashoggi left the consulate that afternoon. He mysteriously vanished more than a week ago, and was last seen entering the Saudi Consulate in Istanbul, Turkey.

England rue Rashford misses in Croatia stalemate
They have been great in training - good, humble and they just want to work hard and that is what we want. Much of that was to do with England's industry and always playing on the front foot.

US, China trade war might end soon, Asia expert says
China has steadfastly denied that it has manipulated the yuan to cope with the tariffs. Imports of American goods increased 9 percent to $12.6bn, down from 11.1 percent.

This Bollywood actor cancelled ‘Housefull 4’ shooting amid Sexual harassment allegations
Then I realised, why should I let go of an opportunity because a man can't keep his d**k in his trousers . The filmmaker has denied the allegations, called them "a fashion to malign anyone".

Creative genius Kanye West's iPhone passcode is 000000
The two men were getting ready for lunch with National Football League great Jim Brown , Ivanka Trump , and Jared Kushner . West said he made the hat in his speech, and photos from the Trump meeting show him wearing the revised hat and grinning.

Stars turn out as Princess Eugenie weds
George's Chapel - the same venue where Prince Harry and Meghan Markle were married earlier this year. Prince Charles' wife, Camilla, missed the wedding because of other commitments.

Turkish prosecutor seeks 10-year jail term for U.S. pastor
He is one of thousands caught up in a Turkish government crackdown following a failed 2016 coup against the Turkish government. He was transferred to house arrest in July because of poor health, but US officials had expected him to be freed at that time.