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

Oil prices: IEA, OPEC weigh in with forecasts

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

In production, US crude oil output rose back to 11 million barrels per day, the EIA report said.

Worldwide benchmark Brent crude rose 65 cents to $80.91 a barrel by 1:28 GMT, having dropped by 3.4% on Thursday. Canada's main benchmark crude index, Western Canada Select (WCS) is now trading at $26.2 per barrel, which is nearly $55 barrel per barrel discount to Brent and $45 per barrel discount to WTI.

Meanwhile, U.S. total motor gasoline inventories increased by 1.0 million barrels and are about 7 percent above the five year average. The IEA said the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next.

"Expensive energy is back" and "it poses a threat to economic growth", said the IEA, which advises most major economies.

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.

In the U.S. Gulf of Mexico, producers had cut output by 40 percent on Thursday due to Hurricane Michael, even as some operators began returning crews to offshore platforms.

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The IEA report is the latest government assessment to predict weaker demand ahead and conclude that supply is adequate.

Back on the supply front, the EIA reported Thursday that domestic US crude supplies climbed by 6 million barrels for the week ended October 5.

As the oil market reaches the landmark 100 mb/d level, prices are rising steadily.

November natural gas NGX18, -2.36% declined by 1.9% to $3.161 per million British thermal units on Friday, but saw a weekly rise of about 0.6%.

US oil prices further dived 3.01 percent Thursday amid a rise in petroleum stockpiles and a deep fall of stock markets. 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 weaker outlook has gotten a raised profile in the market, but there's potential for a real supply crunch toward the end of this year", said John Kilduff, a partner at Again Capital Management in NY.

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