Oil prices settle mixed amid IEA report
Oil prices settled mixed on Thursday as traders digested a newly-released report from the International Energy Agency (IEA), Xinxua reported.
The IEA said in its monthly report Thursday that various supply concerns, such as the United States' sanction on Iran and the uncertainty surrounding Libya, provided supports to oil prices, adding that this vulnerability currently underpins oil prices and seems likely to continue doing so.
"Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world's spare capacity cushion, which might be stretched to the limit," said the IEA.
On the demand side, although there are emerging signs of reduced economic confidence, and consumers are unhappy at higher prices, the IEA retains its view that growth in 2018 will be 1.4 million barrels per day, and about the same next year.
The West Texas Intermediate for August delivery fell 0.05 U.S. dollar to settle at 70.33 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery added 1.05 dollars to 74.45 dollars a barrel on the London ICE Futures Exchange.