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Oil rebounds to $81 a barrel, prices pare gain as IEA sees adequate supply

This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data

Reuters  |  London 

Oil rose to $81 a barrel on Friday, rebounding after two days of declines, though prices pared gains after another closely watched forecaster deemed supply adequate and the outlook for demand weakening. Crude was still heading for its first weekly drop in five weeks, pressured by a big rise in US inventories and fading concerns that looming US sanctions on Iran will cut supplies significantly. A monthly report by the International Energy Agency (IEA) said the oil market looked "adequately supplied for now" after a big rise in production and trimmed its forecasts for ...

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First Published: Fri, October 12 2018. 14:36 IST
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