Investing.com - Market players are likely to stay focused on global crude supplies in the upcoming week, after a pair of closely watched forecasters said world oil stocks are adequate and the outlook for demand is weakening.
The monthly report by the International Energy Agency (IEA) on Friday said the market looked "adequately supplied for now" and trimmed its forecasts for world demand growth this year and next.
"This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data," said the IEA, which advises industrialized countries on energy policy.
The IEA report is the latest government assessment to predict weaker demand ahead and conclude that supply is adequate. The Organization of the Petroleum Exporting Countries (OPEC) made a similar assessment on Thursday.
November West Texas Intermediate crude rose 37 cents, or 0.5%, to settle at $71.34 a barrel on the New York Mercantile Exchange. It suffered a weekly loss about 4%.
The global benchmark, Brent crude for December delivery on the ICE Futures Europe exchange, added 17 cents, or 0.2%, to $80.43 a barrel after briefly dipping as low as $79.23, the lowest since Sept. 24. It posted a weekly decline of roughly 4.4%.
Both benchmarks, which registered their first weekly declines in five weeks, shed some 3% Thursday, tracking a sharp selloff across global stock markets.
Looking ahead, market players will focus on fresh weekly data on U.S. commercial crude inventories to weigh what the impact of Hurricane Michael was on supply and demand.
Ahead of the coming week, Investing.com has compiled a list of the main events likely to affect the oil market.
Tuesday, October 16
The American Petroleum Institute is to publish its weekly update on U.S. oil supplies.
Wednesday, October 17
The U.S. Energy Information Administration will release its weekly report on oil stockpiles.
Friday, October 19
Baker Hughes will release weekly data on the U.S. oil rig count.