Oil prices rebound amid IEA report

Source: Xinhua| 2018-08-11 04:22:27|Editor: Mu Xuequan
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NEW YORK, Aug. 10 (Xinhua) -- Oil prices rallied on Friday as investors pondered over a closely watched monthly report from the International Energy Agency (IEA).

Global oil supply rose by 0.3 million barrels per day (mb/d) in July to 99.4 mb/d, 1.1 mb/d above a year-ago, the IEA said in the report.

Non-OPEC (Organization of the Petroleum Exporting Countries) production is expected to grow by 2 mb/d in 2018 and by 1.85 mb/d next year.

Meanwhile, the IEA raised its forecast for global oil demand growth by 110,000 barrels a day to 1.5 million barrels for 2019.

"The recent cooling down of the market, with short-term supply tensions easing, currently lower prices, and lower demand growth might not last," said the IEA.

"As (U.S.) oil sanctions against Iran take effect, perhaps in combination with production problems elsewhere, maintaining global supply might be very challenging."

The West Texas Intermediate for September delivery rose 0.82 U.S. dollars to settle at 67.63 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery added 0.74 dollars to 72.81 dollars a barrel on the London ICE Futures Exchange.