Oil posts biggest weekly loss in 5 months over equities


"The clear risk-off mode that we are seeing across all markets is also hitting oil", said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

US oil prices grew 0.52 percent Friday thanks to improving market sentiment.

Brent for December settlement rose 17 cents to settle at $80.43 on the London-based ICE Futures Europe exchange.

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Oil prices are hovering near multi-year highs, and even with supplies increasing there will be a strain on the markets that will result in higher prices, potentially a bad sign for the global economy.

Such disclosures from a respected agency, combined with persistent signs throughout this week that the crude industry could compensate for losses of Iran exports without incurring undue tightening, seemed to baffle media that for the past few months had been predicting calamity due to the US sanctions against the Islamic republic.

Brent crude gave back early gains and turned lower Friday after a closely watched forecaster deemed supply adequate and the outlook for demand weakening, while US crude pared gains but stayed in positive territory on a lift from Wall Street. The revision also reflected changes in the way the agency assesses Chinese consumption. But now that crude is near the highest in four years, it's suddenly a hot topic.

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It is an extraordinary achievement for the global oil industry to meet the needs of a 100 mb/d market, but today, in 4Q18, we have reached new twin peaks for demand and supply by straining parts of the system to the limit. New data for OECD stocks show that in August they increased by a more- than-normal 16 mb and have been relatively stable for several months after falling significantly following the implementation of the original Vienna Agreement.

Crude prices dropped by the largest amount since July this week, decreasing by an average of 4-5% week-on-week despite a moderate rebound on Friday as the IEA alleviated concerns that the market will not be able to compensate for disappearing Iranian volumes.

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Fatih Birol, the IEA's executive director, said in a Bloomberg interview earlier this week that prices are "entering the red zone" that signals danger to consumption, and called on OPEC members with spare supplies to increase production.