Oil inches up on tightening supply, IEA demand outlook to come

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Oil prices rose in early Asian trade on Friday, after falling 1% in the previous session, as the market weighed supportive supply conditions ahead of the International Energy Agency's monthly demand outlook.

Brent crude futures rose 17 cents, or 0.2%, to $86.26 per barrel by 0035 GMT. West Texas Intermediate crude futures rose 20 cents, or 0.2%, to $82.36 a barrel."Russian exports are showing signs of weakening as production is reported to have been curtailed by 700kb/d," said analysts from ANZ Bank in a client note on Friday morning.

The Organization of the Petroleum Exporting Countries' monthly report released on Thursday pointed to Friday morning's marginally higher levels come at the end of a week in which both benchmarks reached their highest levels in more than two months on the back of decelerating US inflation data and a weakening dollar.

 

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