Oil prices hold ground, but set for 4 pct weekly fall

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US commercial crude oil inventories fell by 5.8 million barrels in the week to August 17 to 408.36 million barrels, the Energy Information Administration (EIA) said on Wednesday.

Global benchmark Brent crude rose 65 cents to $80.91 a barrel by 1328 GMT, having dropped by 3.4 percent on Thursday. Under the agreement, Saudi Arabia and Russian Federation had the biggest cutbacks of 486,000 barrels per day and 300,000 barrels per day, respectively.

Characterized by geopolitical volatility, boom and bust cycles, destructive market rules and lack of cooperation, the rivalry scenario would see higher energy intensity, lower GDP, largely stable share of fossil fuels and more demand for shale gas. This, combined with a massive United States stock sell-off and growing concerns that trade disputes will adversely impact oil have weighed on oil prices this week. U.S. crude futures rose 37 cents to US$71.34 a barrel.

Prices headed for a 3.5 percent weekly drop, the most since July.

"For many developing countries, higher worldwide prices coincide with currencies depreciating against the U.S. dollar, so the threat of economic damage is more acute", it added.

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"Oil bulls are bearing the brunt of another bruising session as yesterday's selling frenzy intensifies", said Stephen Brennock, analyst at London brokerage PVM Oil.

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 USA crude pared gains but stayed in positive territory on a lift from Wall Street. That was much larger than what analysts had expected.

“Indeed, it's hard to sugar coat this week's inventory data, but for perpetual bulls like my self, if risk stabilizes around improving U.S.

Japan's Nikkei was down 0.3% on Friday. Still, West Texas Intermediate (WTI) price for November delivery and Brent oil price for December delivery lost 4.03 percent and 4.43 percent, respectively. Inventories at the key storage hub in Cushing, Oklahoma, have gained for a third straight week, while stockpiles in the Strategic Petroleum Reserve fell by 1.31 million barrels, the EIA said.

In the U.S. Gulf of Mexico, producers had cut output by 40 percent on Thursday due to Hurricane Michael, according to the Bureau of Safety and Environmental Enforcement, even as some operators began returning crews to offshore platforms. On Oct. 3, it hit a four-year high of $86.74 U.S.

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