Oil Modestly Higher After Two Days Of Heavy Losses

Oil prices rose on Friday, although overall gains remained modest on worries over rising inventories after the IEA, the IMF and OPEC all cut their forecasts of oil demand growth.

Prices found support from figures showing that China’s daily crude imports in September hit their highest since May.

Global benchmark Brent crude rose 38 cents or 0.47 percent to $80.64 a barrel, but remained on track for a decline of about 4 percent for the week, the biggest weekly fall in nearly four months. U.S. crude futures were up 47 cents at $71.44.

Oil markets look “adequately supplied for now” after a big increase in production over the last six months, the International Energy Agency said in its monthly report.

OPEC lowered its oil demand growth estimates for this year and next and said the oil market is well supplied.

Crude inventories rose 6 million barrels in the week to Oct. 5, the Energy Information Administration report showed on Thursday, compared with analysts’ expectations for an increase of 2.6 million barrels.

The material has been provided by InstaForex Company – www.instaforex.com

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