Economy

Oil prices: IEA, OPEC weigh in with forecasts

Oil prices: IEA, OPEC weigh in with forecasts

The IEA cut its estimate for global oil-demand growth for both 2018 and 2019 by about 110,000 barrels a day to 1.3 million and 1.4 million barrels a day respectively.

"Our revised demand outlook reflects these concerns".

In U.S. oil markets, a decline in commercial crude inventories provided WTI with stronger support than Brent. Earlier this week, the Energy Information Administration boosted its forecast for US oil production , which added another headwind.

Oil pared a weekly loss as investor focus shifted from broader market turmoil spurred by a plunge in USA equities and returned to looming shortages from Iran's dwindling exports. In addition, OECD inventors were expected to have risen by 43 million barrels in the third quarter, the highest quarterly increase in stocks since the first quarter of 2016.

"The decline may deepen significantly ahead of USA sanctions - and subsequently as final cargoes are delivered", said the IEA, which advises major oil consumers on energy policy. "The demand outlook is hurt right now because of the situation with the USA and China in particular".

Worldwide benchmark were at $74.63 per barrel at 0422 GMT, down 18 cents, or 0.2 percent, from their last close.

Oil markets look "adequately supplied for now" after a big increase in production over the last six months but the oil industry is coming under strain as it copes with increasing global demand, the West's energy watchdog said on Friday.

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'A rebound in equity markets would help Brent to rebound from $80, ' said Olivier Jakob, analyst at Petromatrix, adding that a dip below $80 on Thursday did not clearly break that level as a source of technical support.

The IEA warned that recent peaks in supply and demand have put a strain on spare capacity.

Now, with data showing Chinese exports to have registered a double digit growth in the month of September, despite escalating trade tensions with the USA, concerns about demand growth have eased a bit. The Organization of the Petroleum Exporting Countries (OPEC) made a similar move on Thursday.

Worldwide oil prices saw sharp decreased on previous two trading sessions following tanking of stock markets and jump of commercial crude oil stockpiles in the United States in last week.

A drop in USA oil production this week supported prices.

Michael crashed ashore Florida on Wednesday as the third most powerful hurricane to strike the US mainland.


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