The West Texas Intermediate (WTI) for November delivery picked up 0.37 USA dollar to settle at 71.34 dollars a barrel on the New York Mercantile Exchange on Friday.
Output, which includes crude oil, natural gas liquids, biofuels and refinery processing gains, was 2.3 million barrels above the same period a year ago and 1.3 million barrels a day higher than the second quarter.
The IEA warned that recent peaks in supply and demand have put a strain on spare capacity. In the group's updated oil supply and demand forecasts released Thursday, they cut their demand estimates due to expectations for lower economic growth while supplies should increase from non-OPEC producers, writes Reuters.
A drop in US oil production also lent prices some support.
Wall Street extended its slide into a sixth session and a global equity index fell to a 1-year low on Thursday as investors feared an escalating USA trade war with China and risks from a recent climb in interest rates. OPEC, Russia and other U.S. shale producers had increased production since May, raising global oil output by 1.4 million barrels per day (bpd).
Crude inventories climbed by 6 million barrels in the week to October 5, the U.S. Energy Information Administration reported, compared with analyst expectations for an increase of 2.6 million barrels.
'The bearish alarm bells are ringing for next year's oil balance as market players brace for the return of a supply surplus, ' said Stephen Brennock of oil broker PVM.
Greg McKenna, chief market strategist at futures brokerage AxiTrader said the USA crude price support came "as the EIA inventory data showed a big draw in US crude and a solid run rate of 98.1 percent for refineries".
"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.
Michael crashed ashore Florida on Wednesday as the third most powerful hurricane to strike the United States mainland.
All Russian manned space launches have been suspended after the incident, according to Russia's RIA news agency. Russia's TASS news agency said the capsule carrying the two men separated from the troubled rocket safely.
Asked if he would give Ramsey a new deal in the circumstances, Wenger replied: 'We tried that before and it still can happen'. The Gunners will take on Leicester City in their next top flight fixture at the Emirates Stadium after the worldwide break.
He said Kavanaugh had been found "innocent" of the charges against him, even though the senators came to no such determination. I believe that the bi-furcation between The Trump Administration and the GOP leaders in the Congress who treated Ms.
Aladdin plans to uses these wishes to win over the handsome Princess Jasmine , but the evil Jafar has other plans. We've been waiting a long time to see Will Smith's Genie, but he wasn't in the first look footage.
Local media reported shots being fired inside the station, something which a police spokesperson later denied. She said: "We assume that a hostage has been taken, either at McDonald's or at a nearby pharmacy".
An increase in interest rates makes debt more expensive, while a corresponding decrease can make it cheaper. US President Donald Trump looks on as Federal Reserve Chairman Jerome Powel speaks at the White House .
He had apparently drawn the wrath of the Saudi government, which has become an ever-closer US ally under President Donald Trump . To reporters, to anybody. "We can not let this happen, to reporters, to anybody", Trump said.
A helicopter was sent to investigate and spotted the bodies, but strong winds prevented the rescue team from retrieving the dead. A group of South Korean climbers and their guides have died on Nepal's Mount Gurja after a violent snowstorm hit their camp.
Both Mike Love and Kid Rock , two of Trump's most visible supporters within the music industry, were present at the signing. More news regarding the bill can be read over on The Rolling Stone website (here).
Sears craters after filing for bankruptcy (SHLD)
Three companies that sell items at Sears told Reuters this week that Sears had missed payments to them over the past few weeks. With Sears heading toward bankruptcy, any potential for liquidation could mean an end to the lease agreements with Seritage.
James Murdoch could take chairman role at Tesla
However, Gracias may not be sufficiently independent as he is invested in other companies linked with Musk, including SpaceX . Tesla's board has become a source of contention with the SEC and investors, with some viewing it as too close to Mr Musk.
India elected to UN human rights body
India received 188 votes, the highest polled by any of the 18 countries elected from the 193-member General Assembly . Among the other candidates, Eritrea has obtained 160 votes, Somalia 170 votes and the Bangladesh 178 votes.
Umpire Angel Hernandez goes 1-for-4 on replay reviews
New York's bullpen has allowed one run in 10 innings, led by Dellin Betances , Zach Britton and Aroldis Chapman . Jonathan Holder allowed one run in two innings, making him New York's most effective pitcher in the game.
'Anti-Israeli protests to continue until end of Gaza siege'
In a statement, the army said troops "spotted a number of assailants who climbed the security fence in the southern Gaza Strip". A group of Palestinian terrorists set off a bomb on the Israel-Gaza Strip border on Friday and attacked a nearby IDF position.
Cooper Revitalizes a Star in 'A Star Is Born'
Ally's career zooms to Grammy Award-winning heights while a drunken ME humiliates her one handle of Johnnie Walker at a time. Because the soundtrack progress chronologically in accordance to the movie storyline, light spoilers are inevitable.
Trump says American investigators are in Turkey
MBS said his country will not pay Washington for its own security, saying his oil-rich kingdom was created before the US itself. Turkish officials believed that 59-year-old Khashoggi , also a Washington Post contributor, was murdered inside the consulate.