Oil prices edge up despite rise in US inventories

Crude futures rose on Friday, reversing two days of decline in previous sessions, driven by sharp falls in equity markets and indications that supply concerns have been exaggerated, according to news reports.

At 03:26 PM Riyadh time, global benchmark Brent crude futures edged up 0.64 percent to $80.77 a barrel on London-based ICE Futures.

On the New York Mercantile Exchange (NYMEX), WTI crude oil futures rose 0.97 percent to $71.66 a barrel.

The U.S. Energy Information Administration data for last week showed that crude oil rose 5.99 million barrels last week.

Meanwhile, global energy watchdog IEA noted in its monthly report on Friday that oil markets look “adequately supplied for now.”

Global oil supply rose close to new, historically significant peaks at 100 million barrels per day, the IEA said.

Meanwhile, OPEC cut its forecast of global demand growth for oil next year for the third consecutive month, citing headwinds facing the broader economy from trade tensions and volatile emerging markets, CNBC reported.

The group sees the oil market as “well supplied,” its secretary-general said on Thursday.