IEA sees world oil market 'adequately supplied'

Oil prices: IEA, OPEC weigh in with forecasts

"The demand outlook is hurt right now because of the situation with the USA and China in particular", John Kilduff, a partner at Again Capital Management in NY, told Reuters.

Global supply rose to 100.3 million barrels a day in the third quarter, the International Energy Agency said Friday in its monthly oil market report.

"This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data", said the IEA, which advises major oil consumers on energy policy.

U.S. West Texas Intermediate (WTI) crude futures were up 11 cents at $71.08 a barrel, after falling 3 percent in the previous session to the lowest since September 21.

Well, I was looking at the WTI crude oil chart when I noticed that crude oil has completed 61.8% retracement at $71.85 and now it's trading right below this level.

"The demand outlook is hurt right now because of the situation with the USA and China in particular".

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Increases in OPEC crude oil production to offset declines in Iran and Venezuela have resulted in declining OPEC spare crude oil production capacity, said the report. The markets have lost roughly 3%, and I think it is probably only a matter time before we find value hunters, but clearly the inventory build has scared people.

For energy importers, the squeeze in supply is stoking inflation, while climbing US rates lure funds from their markets. Opec made a similar move on Thursday.

Oil prices have been creeping upwards for more than a year, quietly gaining ground as emerging-market investors fretted about trade and the end of cheap money.

Additionally, the United States oil drilling rig count rose this week for the first time in four weeks, an indication that production is rising. That followed three straight weeks of declines and was the largest weekly increase since the week ended August 10. The $70 level underneath was massive resistance, and it looks as if we are getting ready to revisit that level to try to find buyers. The speculator group cut its combined futures and options position in NY and London by 36,652 contracts to 296,456 during the period.

Overall, OPEC had boosted production by 735,000 bpd since May as Middle East Gulf producers such as Saudi Arabia and the UAE more than compensated for declining output in Venezuela and Iran, which is facing US sanctions from next month. But Michael's track took it east of much of the production sights, meaning oil production should be back online quickly. As of Friday morning, nine platforms were still unoccupied, BSEE said in a daily update, down from 89 platforms on Wednesday.

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