IEA sees lower demand for oil in 2018 and 2019

Oil prices: IEA, OPEC weigh in with forecasts

Oil prices hold ground, but set for 4 pct weekly fall

Additionally, the United States oil drilling rig count rose this week for the first time in four weeks, an indication that production is rising.

A drop in US oil production also lent prices some support.

USA light crude dropped $1.42, or 1.9 percent, to $71.75 after hitting a low of $71.63.

While OPEC's Secretary-General Mohammad Barkindo tried to reassure markets that supplies are sufficient, he neglected to specify how much extra output OPEC intends to pump, an omission that's undermining efforts to calm prices.

Global equities were set for their biggest daily gain in almost a month.

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USA natural-gas supplies in storage stand at about 17% below the five-year average, according to the EIA.

Also, traders were betting on a drop in global crude demand as U.S.

So far, indications that the global crude market is more resilient than some analysts think include: US producers resuming operations nearly immediately after Hurricane Michael; the Organization of the Petroleum Exporting Countries boosting output and promising the ability to produce much more; Saudi Arabia claiming it already has set itself up to cover any Iranian shortfalls; and Russian Federation along with other non-OPEC countries gearing up to produce in record volumes.

Western Canada Select slumped below US$20 a barrel on Thursday, the lowest in more than two years, continuing a brutal streak of declines for the country's main grade of crude.

IEA thinks global supply is healthy.

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Brent crude futures traded Friday afternoon at $80.67 per barrel, up from $57.17 per barrel on October 13, 2017. The contract lost 2.4% in the previous session. Prices this week are set to fall the most since July.

Brent crude fell $1.55, or 1.9 percent, to $81.54 a barrel by 10:53 a.m. ET (1453 GMT), off the session low of $81.14, its weakest since September 26. WTI is on track for a 3.5% decline this week. The global benchmark crude traded at a $9.59 premium to WTI for the same month.

Characterized by geopolitical volatility, boom and bust cycles, destructive market rules and lack of cooperation, the rivalry scenario would see higher energy intensity, lower GDP, largely stable share of fossil fuels and more demand for shale gas. The Bloomberg Commodity Index had its first back-to-back drop in three weeks on Thursday as oil and aluminum prices plunged, and is on course for the first weekly drop in four weeks.

Elsewhere, U.S. crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrel increase. All comments are subject to editorial review.

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