IEA sees world oil market 'adequately supplied'

100 Million Barrels The World Hit a Daily Oil and Liquids RecordMore

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.

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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.

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